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SocGen Advising Total on $3.2 Billion Mozambique LNG Import Plan
LAGOS (Capital Markets in Africa) — Societe Generale SA will act as financial adviser to Total SE and Gigajoule Group on their planned liquefied natural gas import terminal and power plant near Mozambique’s capital, Maputo.
The developers expect to reach a final investment decision next year, Gigajoule Chief Executive Officer Johan de Vos said in a reply to questions. The French oil major and the Centurion, South Africa-based energy company plan to spend as much as $3.2 billion on the import terminal and power-generation project.
SocGen’s appointment is the latest win in Mozambique for the Paris-based lender, which is playing an increasingly important role in the southeast African nation’s move to become a major LNG exporter. Mozambique’s national oil and gas company, Empresa Nacional de Hidrocarbonetos, chose the bank as its financial adviser to raise as much as $1.5 billion. SocGen also advised Total on its fund raising for the $20 billion LNG export project on the country’s northern coast.
The bank declined to comment on the Maputo terminal deal.
Total and Gigajoule are also partners in a bid for Sasol Ltd.’s 50% stake in a natural-gas pipeline that runs from Mozambique into neighboring South Africa, people familiar with the information said earlier this month. The line could be connected to the planned LNG import terminal.
Source: Bloomberg Business News