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Loan for Development of Mozambique LNG Project (Rovuma Offshore Area 1 Block)
Contributing to Securing Energy Resources for Japan

  • Region: Africa
  • Energy and Natural Resources
  • Overseas Investment Loans
February 16, 2021
  1. The Japan Bank for International Cooperation (JBIC, Governor: MAEDA Tadashi) signed today a loan agreement amounting to up to USD536 million (JBIC portion) with MITSUI & CO., LTD. (MITSUI). The loan is co-financed with private financial institutions, bringing the total co-financing amount to USD894 million equivalent.

  2. For this project, MITSUI and Japan Oil, Gas and Metals National Corporation (JOGMEC), jointly with Total S.A. of France, Empresa Nacional de Hidrocarbonetos E.P. of Mozambique, and others, will develop the Golfinho/Atum gas field in the northernmost part of Mozambique; transport feed gas through a subsea gas pipeline to the onshore liquefaction plant to be constructed; and produce and sell liquefied natural gas (LNG) with an annual production capacity of 13.12 million tons. In July 2020, JBIC signed a loan agreement in project financing with MOZ LNG1 FINANCING COMPANY LTD, the project company for this project*1.
      
  3. The loan is intended to finance the development of the gas field and production of LNG in the project through MITSUI. Japanese utility companies are expected to offtake approximately 30% of the LNG produced by this project. JBIC's support for this project is therefore expected to contribute to securing stable supplies of LNG, which is an important energy resource for Japan.
      
  4. JBIC will continue to actively support the development of energy resources by Japanese companies and financially assist in the securing of a steady energy supply for Japan.
      
Note
  1. *1 

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