South Africa's Rand Merchant Bank (RMB) said Total's planned LNG export facility in Mozambique is to receive $15 billion (267 billion rand) of financing commitments from a banking consortium at a signing scheduled for June.
This would be a remarkable accomplishment in the circumstances, Rand Merchant Bank chief of oil and gas coverage said. The project is expected to generate more than $40 billion in revenue for the government over its lifespan.
Mozambique LNG partners made the final investment decision on the $20 billion scheme in June last year, which includes the liquefaction plant, offshore wells and infrastructure, financing and contingencies.
RMB has made previous financing commitments to Mozambique's oil and gas sector, including helping to fund Eni's 3.4 million t/yr Coral South floating LNG project offshore Mozambique. RMB and its parent company FirstRand regard gas developments in Mozambique as of "key strategic importance".
