South African banking group Standard Bank has invested $485 million in the Mozambique LNG project, joining 20 international banks that have invested close to $15 billion in the project.
The project will play a key role in Mozambique’s economic growth from 2023.
“Standard Bank’s participation also symbolizes its commitment to leverage on the country’s potential as a future giant producer and exporter of LNG, thereby boosting Mozambique’s growth,” Dele Kuti, Standard Bank’s Oil and Gas Head said in a statement.
The operator of the project, Total, estimates that the project development will generate about $50 billion of revenue for the government of Mozambique over 25 years.
“It demonstrates the confidence placed by the financial institutions in the long-term future of LNG in Mozambique. This key milestone has been reached thanks to the dedication of the Mozambique authorities and the financial partners of the project,” Jean-Pierre Sbraire, Total’s Chief Financial Officer added in a statement.
Total holds a 26.5% stake in the development, and its 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%), BPRL Ventures Mozambique (10%) and PTTEP Mozambique Area 1 Limited (8.5%).