The board of the U.S. Export-Import Bank approved a nearly $5 billion loan for a long-delayed LNG project in Mozambique, clearing a key hurdle to restarting the project under development by French oil major TotalEnergies .

The US Export-Import Bank’s board approved a $4.7 billion loan that makes up the biggest piece of financing for TotalEnergies SE’s Mozambique LNG project, according to people with knowledge of the matter.

The project has been on hold since 2021 due to force majeure and awaits loan reapproval from UK and Dutch export credit agencies.

Import Bank approved a nearly $5B loan for a long-delayed liquefied natural gas project in Mozambique, Reuters reported late Thursday, clearing a key hurdle to restarting the project under development by France's TotalEnergies (NYSE:TTE).

The US Export Credit Agency has approved a loan of nearly $5 billion for Mozambique LNG, something which had been refused under the Biden administration.

The key project loan was approved under US President Donald Trump’s first term in the White Office. But in April 2021 TotalEnergies and its partners declared force majeure on the 10-million tonnes per annum project as the security situation deteriorated in the Cabo Delgado region where the liquefaction plant is to be sited.

The board of the U.S. Export-Import Bank has approved a nearly $5 billion loan for a long-stalled LNG project in Mozambique. ・U.S. Export-Import Bank approves nearly $5 billion loan for LNG project in Mozambique.