Total secures $14.4 billion funding for Mozambique LNG: sources

22/05/2020 08:54 Natural Gas

news

French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday.

A source with knowledge of the matter said Total has reached a financing agreement with a group that includes around 20 lenders for the first phase of senior debt funding of $14.4 billion. The source did not specify the name of the banks involved in the financial arrangement.

 

Total declined to comment. Bloomberg reported earlier on Wednesday that Total was set to sign $15 billion financing for the project in June.

 

The company expects the financing to be closed in the third quarter, the source said.

 

An energy banking source confirmed the financing deal to Reuters, adding that it involved 20 banks for just below $15 billion.

 

Total concluded the acquisition of Anadarko’s 26.5% interest in the Mozambique LNG project for $ 3.9 billion in September. It is expected to start production in 2024.

www.reuters.com

Russia's Novak sees global oil output cuts easing from August

06/07/2020 09:56:00

Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed.

<READ MORE

Germany passes ‘coal-exit’ law to phase out fossil fuels by 2038

06/07/2020 09:50:00

German lawmakers have voted a roadmap for the coal-free era in the country, which includes abandoning nuclear power by 2022

READ MORE

Daily (03.07.2020): Brent and WTI settled on Thursday at their highest levels since March amid lower U.S. unemployment rate

03/07/2020 09:49:00

Crude oil futures posted a second consecutive day of gains on Thursday, with Brent and WTI hitting their highest levels since March 6, after a decline in U.S. unemployment rate and a sharp drop in crude stockpiles earlier this week. Hence, Brent crude for September delivery soared by $1.11, or 2.64%, to settle at $43.14 per barrel. At the same time, U.S. WTI crude edged 83 cents higher, or 2.08%, to end at $40.65 per barrel.

READ MORE