SA’s Standard Bank to invest $485m in Mozambique LNG project

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The South African bank Standard Bank joins the African Development Bank as an African investor in the Mozambique LNG gas project, with an announced investment of 485 million dollars. The project will play a key role in local economic growth from 2023.

Standard Bank announced on Friday that it will inject $ 485 million into the development of Mozambique’s largest natural gas project, called Mozambique LNG. Note that the ‘ total investment required is 20 billion.

The director of the bank, Dele Kuti, indicated that the documents relating to this operation were signed last Tuesday.

The institution is one of some 20 international banks participating in financing operations valued at more than $ 15 billion. Among other financiers, the African Development Bank (ADB) will release $ 400 million and the Japanese Bank for International Cooperation, $ 3 billion.

Total, the ‘ operator estimates that the project development will generate about $ 50 billion of revenue for the Government of Mozambique for 25 years.


Source: Agence Ecofin

The post SA’s Standard Bank to invest $485m in Mozambique LNG project appeared first on Energy News | Oil and Gas News.

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