The US authorizes a $5 billion loan to TotalEnergies for a gas project in Mozambique

The French oil giant TotalEnergies (TTEF.PA) is working on a long-delayed LNG project in Mozambique, and the board of the U.S. Export-Import Bank approved a loan of around $5 billion to resume the project, opening a new page.

Before any payments were made, the Export-Import Bank had previously agreed to a $4.7 billion loan for the $20 billion project during President Donald Trump’s first administration. However, the loan had to be reapproved after construction on the project was halted in 2021 because of violent unrest in the nearby northern Cabo Delgado region.