The Mozambican government received reaffirmations of financing for the Liquefied Natural Gas (LNG) projects in the Rovuma Basin yesterday, with the resumption of TotalEnergies being almost certain by the end of the year.
This perspective was emphasized by the Minister of Economy and Finance, Max Tonela, in a meeting with the main creditors of the Rovuma gas projects.
“TotalEnergies is making diligent efforts to restart its project before the end of the year, which implies the disbursement of project financing funds,” Tonela said in that statement.
Tonela presented an “overview and some of the latest insights into the Mozambican economy,” highlighting the adverse context of climate disasters, the pandemic, terrorism, and the unfavorable global financial scenario of recent years.
“Despite the many challenges over the past two years, the country has been recovering its economic growth. Last year, the World Bank and the African Development Bank resumed their support for the State Budget,” he said.
According to Carta de Moçambique, Tonela emphasized the ongoing implementation of measures to improve public debt management, which “are resulting in better fiscal sustainability and efforts to improve the country’s credit rating.”
Between gas and energy transition
Then, the official spoke specifically about gas and energy transition, emphasizing that “the start of natural gas exports from the Coral Sul floating platform last year marked the beginning of a new era in the sector, and with the imminent creation of a sovereign fund to invest these revenues.”
In this domain, Max Tonela expressed confidence that Mozambique will be able to contribute to this transition while meeting global energy needs for socio-economic growth in a sustainable manner.
TotalEnergies is responsible for 25 percent of the Natural Gas Project (LNG) in Area 1 of the Rovuma Basin, Cabo Delgado province. This is the largest percentage of ownership in this venture, making the French oil company the main player in the operations.
