Global trading and investment company Mitsui & Co. is collaborating with energy major TotalEnergies and the Mozambique government to restart construction of the delayed $20 billion Mozambique LNG project.
Announced by Mitsui & Co. CEO Kenichi Hori on December 5, the partners are working with Mozambique’s government to enhance security measures at the project site following concerns over unrest in the region.
“We are working closely with the operator TotalEnergies and the Mozambique government to ensure security and finalize preparations for resuming construction,” Hori stated, adding, “we are now in the final stages of preparation to restart construction as soon as possible.”
Hori highlighted the project’s competitiveness, substantial reserves and high-quality gas while emphasizing the need to manage local risks in the region. Pending clearance from three major credit agencies, it was noted earlier this year that between 70% and 80% of the $14 billion financing has been reaffirmed.
