Us swings behind totalngies vast mozambique gas project

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US President Donald Trumps The Administration has unlocked nearly $ 5 billion in funding for a natural gas project liquefied by Frances Totalengies in Mozambique, potentially restarting one of the largest Afrass energy investments.

The Mozambique Minister of Energy said Thursday that the US Export-Import (IDE) bank had reappoed a loan of $ 4.7 billion for the project, initially granted in 2020 during the first Trumps presidency.

The work has been frozen since 2021, when Totalengies suspended its project after the Islamist insurgents killed civilians and workers in attacks near the Mozambique site in the north of Cabo Delgado.

In a statement on Thursday, Estevo Pale, Minister of Mozambique de l'énergie, told Financial Times that he had welcomed the decision of Exim, which would consolidate American leadership in the development of a project that will considerably help global energy security.

We are deeply grateful to President Trump and in support of the American peoples to this important LNG project, he said.

American jobs are involved in the project, with American subcontractors who should receive up to 30% of the value of the contract, and funding could help maintain American influence in the region, but this occurs while Trump and Elon Musk aim to reduce federal spending. The Exim loan was part of $ 14.9 billion in higher debt funding that Totalengies agreed with a range of credit and export banks in 2020.

After the attacks of 2021, the French company made a declaration of force majeure, the signaling elements outside its control had stopped the work. The declaration left the fixed financing agreements.

However, Totalenges has indicated that the security situation has stabilized in recent months and has worked to persuade the financial donors to return their support.

The chief executive, Patrick Pouyann, put pressure on the officials of the Biden administration to approve the funding before the inauguration of Trumps. He warned in letters that the transition of power could lead to additional and long delays which could undermine the financing structure, already in place and approved, and put an end to the entire project.

Totalengegia also enlisted the Primus Responum consulting firm at Hobby Exim to guarantee funding, offering a bonus of $ 250,000 if the organization could successfully confirm the project before the inauguration of Trump in January.

Exim did not immediately respond to a request for comments. The bank granted approval even if Trump has embarked on a federal cost reduction program led by so -called government Musks of the Government (DOGE). The administration has also frozen most foreign aid.

While support in the United States was by far the most important element of the financing package, the LNG project also initially received financial support from the governments of the United Kingdom and the Netherlands. The Eximes decision will increase pressure on these governments in order to provide a similar reapproduction of their funding.

Pale said he was still expecting the United Kingdom and the Netherlands to reconfirmed their support.

The FT reported last month that the British government explored legal appeals to get out of the $ 1.15 billion commitment it made in June 2020 in direct loans and guarantees.

Pouyann told investors following the annual business results last month that he was ready to exercise all of his contractual rights if the export credit agencies refused their support.

The project led by Total is one of the many plans to operate the gas reserves in Mozambique. The development of resources could transform the economy of one of the poorest countries in southern Africa and provide a new gas source well located to meet growing demand in Asia. Approval is a boost for other projects in the country, including a larger LNG development led by Exxonmobil.

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However, environmental activists opposed development and were linked to allegations of human rights violations by Mozambican soldiers accused of having assured the region.

Kate Deangelis, assistant director of friends of the Earth in the United States, criticized the re-use as a document in the fossil fuel industry.

It is the ultimate in government waste and a blatant abuse of taxpayers' dollars, she said.

Meanwhile, political instability in Mozambique after the disputed elections at the end of 2024 also delayed progress on restarting the project. President Daniel Chapo, who took office in January, protects the gas project and the abolition of an antigan insurrection a board of his electoral campaign.

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