Mitsui & Co., in collaboration with TotalEnergies and the Mozambique government, is nearing the completion of plans to restart construction of the $20 billion Mozambique liquefied natural gas (LNG) project, CEO Kenichi Hori confirmed.
Led by TotalEnergies, the project has experienced setbacks due to ongoing concerns about violent unrest in the region.
Hori assured investors that Mitsui, TotalEnergies, and the Mozambique government are actively addressing security concerns and making final preparations to resume construction. He noted signs of improvement in the area’s security situation.
“We are close to completing the remaining key steps and aim to restart construction as soon as possible,” Hori stated.
Hori emphasized the project’s strong competitive advantages, including high-quality gas and substantial reserves, and affirmed Mitsui’s commitment to moving forward while carefully navigating local risks.
In October, TotalEnergies CEO Patrick Pouyanne revealed that financiers have reconfirmed 70% to 80% of the $14 billion financing package supporting the project.
Pouyanne noted that the team is waiting for final financing approval from three credit agencies, particularly in Western countries where gas regulations have evolved. “Once we secure this approval, we will proceed,” he said.
Hori added that Mitsui and its partners at the U.S.-based Cameron LNG are finalizing details for a final investment decision (FID) on the expansion project.
“After reaching the FID, we will begin the expansion, positioning it as a central pillar of our future LNG business,” Hori remarked.
Cameron LNG is jointly owned by Sempra Energy affiliates, TotalEnergies, Mitsui, and Japan LNG Investment LLC, which is co-owned by Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha.
Hori reiterated Mitsui’s belief in LNG as a long-term, viable solution for the global energy transition and reaffirmed the company’s commitment to expanding its LNG portfolio.
