High Arctic Energy Services Inc T.HWO

French banks turn their backs on TotalEnergies in PNG

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Paris, February 26, 2024 – In a significant setback for oil giant TotalEnergies, Crdit Agricole has said it will not directly finance the controversial Papua LNG project in Papua New Guinea. The French bank is TotalEnergies’ financial advisor on this gas megaproject. TotalEnergies is struggling to find financiers for this project, which is backed by Emmanuel Macron. So far 8 banks have turned their back on the financing of the Papua LNG project: France’s BNP Paribas, BPCE/Natixis, Crdit Agricole, Socit Gnrale, CIC/Crdit Mutuel, Italy’s UniCredit and Australia’s Commonwealth Bank of Australia and Westpac (6). These 8 banks had financed the PNG LNG project operated by ExxonMobil in Papua New Guinea between 2005 and 2010. Another sign that the Papua LNG project is having trouble convincing banks is that some of those that have said no include TotalEnergies’ leading financiers. Crdit Agricole, BNP Paribas and Socit Gnrale are TotalEnergies’ top three banks, having provided it with over US$23 billion in financing between 2016 and 2022 (7). French banks turn their backs on TotalEnergies in Papua New Guinea - Reclaim Finance