Anadarko seeks to raise $14B-$15B for Mozambique LNG project
Anadarko Petroleum (APC -0.5%) is seeking to raise a record $14B-$15B from banks and export credit agencies for its huge liquefied natural gas project in Mozambique, Reuters reports.
French bank Societe Generale, the financial advisor on the $20B LNG project, already has received interest for a combined $12B in cover and direct lending from export credit agencies in China, South Africa, Italy and Japan, according to the report.
APC reportedly has agreed to commercial terms including 5.1M metric tons/year of LNG supplies from Mozambique, approaching the 8.5M metric tons/year target needed to trigger its final investment decision on the project; the project is expected to produce 12.88M metric tons/year of LNG in its initial phase, which can be expanded to 50M.
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