TotalEnergies has issued a formal clarification regarding the financing structure of the Mozambique LNG project following recent communications by the UK and Dutch authorities concerning the involvement of their Export Credit Agencies (ECAs)—UK Export Finance (UKEF) and Atradius.
The company, on Tuesday, confirmed that in 2020, the Mozambique LNG project secured a USD 15.4 billion project financing package from a consortium of around 30 lenders, including ECAs and commercial banks. However, the prolonged Force Majeure period necessitated the negotiation of amended financing arrangements to reflect the updated project timeline.
Although Mozambique LNG lifted the Force Majeure and the consortium expressed readiness to resume development, UKEF and Atradius had not yet reconfirmed their participation. As a result, the project partners collectively decided to move forward without the two ECAs. To fill the gap, the partners unanimously agreed to inject additional equity to replace the contributions of UKEF and Atradius—amounting to approximately 10% of the external financing.
TotalEnergies expressed appreciation to the lenders representing the remaining 90% of external financing who reaffirmed their commitment, acknowledging the project’s significance for Mozambique’s economic development.
The company also addressed recent reports commissioned by the Dutch Ministry of Finance from external advisors Clingendael and Pangea Risk on the human rights and security situation in Cabo Delgado. TotalEnergies noted that the reports were published on December 1 despite Atradius no longer being part of the financing arrangements.
The company voiced regret that the external advisors did not visit Mozambique or conduct on-the-ground assessments, instead relying largely on third-party information. Reiterating its earlier clarifications issued on November 20, 2025, TotalEnergies reaffirmed its position regarding allegations of human rights abuses involving the Mozambique Defense Forces and encouraged stakeholders to consult the dedicated information page available on its official website.
