TotalEnergies SE is formally restarting construction of a $20 billion liquefied natural gas project in Mozambique, ending a nearly five-year delay in developing one of Africa’s biggest-ever investments. President Daniel Chapo is leading an event at the project site on Mozambique’s northern coast to mark the resumption on Thursday, his office said in a statement. Total Chief Executive Officer Patrick Pouyanne is attending.
Islamic State-linked violence in early 2021 forced the French major and its partners to freeze work on the project in the southeast African nation. The restart was anticipated a number of times through the years as Mozambique battled to contain the insurgency with the help of Rwandan and regional forces. The plant with an annual capacity of 13.1 million tons is scheduled to ship its first exports in 2029, potentially transforming one of the world’s least-developed economies.
The state, which has been struggling to pay its bills, expects to collect billions of dollars in revenue. Exports are expected to start around the time when the International Energy Agency predicts a record volume of the fuel will hit global markets. Exxon Mobil Corp.
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is set to reach a final investment decision later this year on an even bigger 18 million-ton-a-year plant adjacent to Total’s in Mozambique’s coastal Cabo Delgado province. The nation first become an LNG exporter when Eni SpA shipped its first fuel in 2022 from the Coral Sul floating production vessel. The Italian company has started work on a second floating LNG platform that will increase its total output from the offshore facilities to around 7 million tons per year.
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