French oil major Total has signed a $14.9 billion senior debt financing agreement for its massive liquefied natural gas (LNG) project in Mozambique, the biggest project financing ever in Africa, it said on Friday.
The project includes the development of the Golfinho and Atum natural gas fields in the Offshore Area 1 concession, and the construction of a two-train liquefaction plant with a capacity of 13.1 million tons per annum, Total said.
Jean-Pierre Sbraire, chief financial officer of Total, said the signing, which secures the majority of the project’s total investment of $20 billion, shows financial institutions have confidence in the long-term future of LNG in Mozambique.
Mozambique LNG is one of several projects being developed in the country’s northernmost province of Cabo Delgado after one of the biggest gas finds in a decade off its coast. Together, the projects are worth some $60 billion.
Rival Exxon Mobil delayed the final investment decision on its nearby Rovuma LNG gas project due to the coronavirus pandemic, and Mozambique expects the decision next year.
Mozambique LNG’s project financing includes direct and covered loans from eight export credit agencies (ECAs), 19 commercial bank facilities, and a loan from the African Development Bank, Total said in a statement.
UK Export Finance (UKEF) was among the ECAs contributing to the financing, alongside the Export Import Bank of the United States, Italy’s SACE, the Netherlands’ Atradius, the Export Credit Insurance Corporation of South Africa, Japan Bank for International Cooperation, Nippon Export and Investment Insurance, and the Export-Import Bank of Thailand.
Reuters reported last month that UKEF was planning to commit around $800 million of funding - a contribution that drew criticism from environmental campaigners who say Britain should not be funding fossil fuel projects.
Sealing the Total project financing is a win for Mozambique’s government as it tackles security challenges.
Cabo Delgado has seen an Islamist insurgency with links to Islamic State gather pace over the past year, and suspected Islamist insurgents attacked a town 60 km (37 miles) south of the gas projects late last month.
The Mate 40 series is Huawei’s next flagship series scheduled to launch in a few months. Known for bringing new technology to the market, including a new flagship Kirin processor, the Mate line is one we all look forward to. A new report says Huawei could copy a Samsung tradition for its next flagships.
According to Teme (@ RODENT950), the leaker known for Huawei and Honor related leaks, the Mate 40 series powered by the Kirin 1000 processor may be exclusive to China. He goes on to say that Huawei will follow Samsung’s strategy of using dual chips in its phones not thanks to the recent ban that prevents it from getting new HiSilicon chipsets from its suppliers.
There are reportedly only 8 million processors there, and Mate sales often exceed 10 million units.
– Teme (特米) ? (@ RODENT950) July 17, 2020
In all likelihood, it’s Mediatek. Granted, there have been rumors that Huawei will also buy SD865 + processors from Qualcomm, but I don’t trust them much.
– Teme (特米) ? (@ RODENT950) July 17, 2020
Wondering what chipset it will be? U.S. too. A response below the leaked tweet indicates that the processor for other markets will likely be MediaTek’s. Although he did not specify, the Dimensity 1000+ seems like the better bet unless the Taiwanese semiconductor company launches a more powerful processor before the Mate 40 series launches.
It is also mentioned that Huawei could buy Qualcomm’s new Snapdragon 865 Plus processor. This is not surprising, because there are reports that Qualcomm may indeed be licensed to sell to Huawei. In May, a market analyst for KeyBanc Capital Markets revealed that Huawei would use Qualcomm’s Snapdragon processors in its P50 and Mate 50 series. Analyst John Vinh estimates the Department’s Industry and Security Bureau du Commerce will eventually license Qualcomm to sell chipsets to Huawei.
Teme also revealed that Huawei doesn’t even have enough Kirin processors for the Mate 40 series. The Chinese giant only has 8 million units, which is lower than the average number (10 million units) of Mate phones. sold every year.
What do you think about Huawei’s adoption of a dual-chip strategy? Do you want it to use a MediaTek processor or a Snapdragon processor for the international variant of the Mate 40 series? Let us know in the comments box below.