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$485 Million has been Allotted by Standard Bank Group on Mozambique’s Liquefied Natural Gas Project
Posted On 30 Jul 2020
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– $485 million in full has been bestowed by Standard Bank Group to the incessant Mozambique liquefied natural gas project, enlisting around twenty multinational banks in the financing of the $15 billion edifice.
The South African lender, is one of the commanding financial service providers included in the LNG project, the biggest covert investment made on the African continent. It is the mandatory forefront arranger and book adventurer while adopting numerous other onshore and offshore banking agent and custodian functions.
The venture, overseen by French multinational Total, will be the nation’s first onshore LNG advancement; originally comprising of two expeditions with a total nameplate capacity of 12.9 million tons per annum. It has already acquired in aggregate 11.1 MTPA of long-term LNG deals with key customers in Asia and in Europe, reports show.
In accumulation to strengthening Mozambique’s position as an important determined and accepted originator and supplier of LNG, the project is anticipated to dabble a pivotal position in its monetary upswing from 2023. Total calculates that, the building will develop about $50 billion of dividend for the administration of Mozambique over twenty five years. Standard Bank’s participation exemplifies its responsibility to leveraging on the nation’s imaginable as a prospect goliath originator and exporter of LNG, by way of increasing Mozambique’s growth. Dele Kuti – Head of Standard Bank’s Oil and Gad asserted. The undertaking similarly, expresses the Bank’s stance as one of the prominent oil and gas sector banking team on the African continent in general and Mozambique in particular. The endless project is the second to be subsidized by the lender in the Southern African country. In 2017, it contributed marketable allowance for the edifice of the Coral Liquefied Natural Gas Floating Platform, prevailing the sole African lender at monetary close.
“It demonstrates the confidence placed by the financial institutions in the long-term future of LNG in Mozambique,” strengthens Jean-Pierre Sbraire, Total’s Chief Financial Officer. “This key milestone has been reached thanks to the dedication of the Mozambique authorities and the financial partners of the project.”
Total E&P Mozambique Area 1, Limitada, a wholly-owned subsidiary of Total South Africa, regulates holds a 26.5% working dividend in the growth, for which it disclosed the signing of a $14.9 billion senior debt financing agreement in July 28th, 2020 .
Co-venturers and other partners include ENH Rovuma Area Um (15%), Mitsui E&P Mozambique Area 1 Limited (20%), ONGC Videsh Rovuma Limited (10%), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique (10%) and PTTEP Mozambique Area 1 Limited (8.5%).
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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Thank you for reporting. Love new Africa news. Regular reader. Andrea. Oslo Norway
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Here we go Mozambique they are coming with lot of money. Remember why they coming with that much money. To take all the gas and natural resources. Then leave the people poor. Cape town, South Africa. Bheka
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All they wanted are our Liquefied natural gas. AKA benefit them alone and them alone. Leila in Maputo Mozambique
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Thank you for reporting. Our continent is rich with natural resources and our people are poor. Leaders in our Continent need to ask themselves, WHY? Dodoma, Tanzania. Jackline
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Fan of new Africa news. Thank you for reporting. Love reading your reports. Grace in Nairobi Kenya.
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Mozambique should learn from other countries in the continent. They are coming not for the interest of our people. Thank you for reporting. Praia Cape Verde. Chelsea
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