Johannesburg — Partners in Mozambique LNG, the $20 billion gas project led by Total, have received a $2.25 billion guarantee from the government that it will pay the state oil company’s equity share if required, Portugal’s Lusa news agency said.
Carlos Zacarias, president of Mozambique’s regulator, the National Petroleum Institute (INP), said state financing had been secured, the news agency reported late last week.
Partners agreed to accept a $2.25 billion government guarantee in lieu of an immediate equity contribution from state-run National Hydrocarbon Company (ENH), Zacarias said in Cabo Delgado, the northern province where the project is sited.
Zacarias said the guarantee was valid for five years.
A spokesman for ENH did not immediately respond to a request for comment and INP could not immediately be reached. A Total spokesman in Mozambique said he had no information on the report.
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