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Stock impact report

UK Withdraws Loan For Mozambique Gas Project [Barron's]

TotalEnergies SE (TTE) 
Company Research Source: Barrons
It said it would withhold up to $1.15 billion of funding for the liquified natural gas project (LNG) in the country's restive northeastern Cabo Delgado province, which has drawn criticism from rights groups. Advertisement - Scroll to Continue "Whilst these decisions are never easy, the government believes that UK financing of this project will not advance the interests of our country," Business Secretary Peter Kyle said in a statement. A consortium led by TotalEnergies announced in October that it would lift a suspension that was imposed on the work in 2021 because of the deadly violence. The project had originally been seen to benefit Britain, but the British statement said the UK Export Finance (UKEF), a government agency, had decided to halt financing for the project. TotalEnergies gave no official comment on the news, while AFP has asked the Mozambique government for its reaction. Advertisement - Scroll to Continue The $20-billion LNG project was paused following a Show less Read more
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