The board of the U.S. Export-Import Bank approved a nearly $5 billion loan for a long-delayed LNG project in Mozambique, clearing a key hurdle to restarting the project under development by French oil major TotalEnergies.

The project has been on hold since 2021 due to force majeure and awaits loan reapproval from UK and Dutch export credit agencies.

The U.S. Export-Import Bank has approved a nearly $5 billion loan to support the Mozambique LNG project, a significant step toward resuming the long-delayed development led by TotalEnergies (EPA:TTEF).

The U.S. Export-Import Bank (Exim) has reapproved a $4.7 billion loan for the project, Estevao Pale, Mozambique's minister for energy told the Financial Times. TotalEnergies is awaiting loan re-approvals from the United States,

The US Export-Import Bank’s board approved a $4.7 billion loan that makes up the biggest piece of financing for TotalEnergies SE’s Mozambique LNG project, according to people with knowledge of the matter.