The total project cost is USD 23.5 billion and the annual LNG production volume is estimated at 12.9 million tons.
A group of eight export credit agencies have joined the project across the globe, including Korea Eximbank, the Export-Import Bank of the United States, the Japan Bank for International Cooperation and SACE from Italy.
Considering two Korean shipbuilders ― Hyundai Heavy Industries and Samsung Heavy Industries ― are now in negotiations for orders to build 17 LNG ships worth USD 3 billion, it is expected the project finaning will help Korean shipbuilders win the LNG ship orders.
Korea Eximbank’s participation in the project is meaningful in that it laid the foundation for Korean SMEs and medium-large companies to enter the African market with huge growth potential where a number of countries are resource-rich.
Korea Eximbank has been making continuous efforts to support Korean firms to enter the African natural resources development market. Back in 2017, the bank offered project financing for the 4 gas field development project in Mozambique where Samsung Heavy Industries and Korea Gas Corporation participated. Last year, it provided financial support for Daewoo E&C to receive order for the NLNG natural gas liquefaction plant construction project.
"Despite the lingering challenges, such as the spread of COVID-19, the global economic downturn and reduced orders, we expect our financial assistance to raise Korean companies' global competitiveness in emerging markets to secure orders," a Korea Eximbank official said.