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UK pulls $1.15B loan guarantee for Mozambique LNG project over security, ethics, and national interest concerns.
The UK government has withdrawn a $1.15 billion loan guarantee for TotalEnergies’ Mozambique LNG project, citing increased security risks, ethical concerns, and the project no longer serving UK national interests.
The decision, announced by Business Secretary Peter Kyle, follows a review by UK Export Finance (UKEF) and comes amid ongoing violence in Cabo Delgado, a 2021 jihadist attack that killed hundreds, and a criminal complaint in France alleging human rights abuses.
TotalEnergies, which lifted a force majeure declaration in October, seeks $4.5 billion in cost overruns.
The UK’s move reflects growing scrutiny of high-risk international energy investments and adds to challenges in restarting the project, which could make Mozambique a top-10 gas producer by 2040.
El Reino Unido retira una garantía de préstamo de $ 1.15B para el proyecto de GNL de Mozambique por preocupaciones de seguridad, ética e interés nacional.