French supermajor TotalEnergies believes financing from the US will come in the approaching weeks to move ahead with the $20bn Mozambique LNG project, the company’s CEO said on February 5, Reuters reported.

According to TotalEnergies’ CEO Patrick Pouyanne, US financing for the project is likely to be given the green light in the next few weeks. He also expects other credit agencies to also step in with financial backing in the months after.

The 12.88mn tonne per year (tpy) project has been stalled under force majeure since 2021 when Islamist group al-Shabaab attacked the project site in the country’s northeastern Cabo Delgado Province.

However, following TotalEnergies’ fourth-quarter earnings call, Pouyanne indicated that a loan re-approval from the US is likely to occur in the very near future under the Trump presidency.

The US Export-Import Bank had previously given the go-ahead for a $4.7bn loan to be provided for the project’s construction. But before any disbursements of the funding could be made, the project’s site location was rocked by al-Shabaab’s ruthless terror attack, which killed scores of civilians.

Consequently, the US loan financing must be re-approved. UK and Dutch export credit agencies, which had also pledged to finance the project will now also need to re-approve loans. At least $400mn has also been guaranteed in lending from the African Export-Import Bank (Afreximbank).

However, the funding from the UK has been thrown into doubt. Pouyanne indicated that London, which had agreed to loan between $800mn to $1bn, is now examining if it has a legal basis to exit from the project, despite having already inked a financing contract.

“I am waiting to see how they will explain it to us,” Pouyanne stated.

The multi-year construction pause has pushed back the completion date for Mozambique LNG from 2027 to late 2029. If the project can resecure ample financing and can be completed it would mark Africa’s largest foreign direct investment (FDI).