(Ecofin Agency) - The African Development Bank (AfDB) has just joined the list of the backers of the Liquefied Natural Gas development in Mozambique. The institution announced yesterday it is injecting $400 million in the project which needs a total of $23 billion.

The financial close is expected in the first half next year and the country’s national hydrocarbons corporation ENH is seeking $1.5 billion on the debt market to finance the 10% share it holds in the infrastructure.

The Mozambique LNG project is set to have an annual nominal capacity of 12.88 million tons and includes the development of gas fields in the Offshore Area 1 of the Rovuma Basin. French group Total, which now operates the project, after having acquired the shares of the American Anadarko, is considering adding two new liquefaction trains to the two already planned. Last month, Patrick Pouyanné, the head of the French company, said the number of trains could reach eight.

Olivier de Souza