The UK government is withdrawing £1.15bn ($1.47bn) in export finance from the Mozambique LNG project run by TotalEnergies.
The government pledged support for the project in 2020 before it was paused the following year when force majeure was called due to security concerns and the ongoing terrorist insurgency.
“My officials have evaluated the risks around the project, and it is the view of His Majesty’s Government that these risks have increased since 2020,” said Peter Kyle, UK Secretary of State for the Department for Business and Trade.
The $23bn Mozambique LNG project has attracted export finance from the Netherlands, South Korea, Thailand, the UK and the US.
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