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Total Lands $15b Financing Commitment for Mozambique LNG Project

Source: www.gulfoilandgas.com 5/20/2020, Location: Africa

Total will receive commitments for about $15 billion of financing at a signing scheduled in June. Acquiring funding for construction of the $23 billion project, which will chill natural gas into a liquid for export comes as oil and gas companies globally are focused on cutting costs as the coronavirus curbs energy demand and pressures prices.

The group of about 20 banks involved in the lending includes Rand Merchant Bank, Standard Bank Group Ltd. and Societe Generale SA, which is acting as the financial adviser.

The U.S. Export-Import Bank has approved the $4.7 billion loan to back American suppliers for the project. Japan Bank for International Cooperation will provide $3 billion.

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