France to rein in export guarantees for oil and gas industry

FILE PHOTO: Bruno Le Maire, French Minister of the Economy, Finance, and Recovery, wearing a protective face mask, speaks during a news conference to present French government 2021 budget following the weekly cabinet meeting at the Elysee Palace in Paris, France, September 28, 2020. REUTERS/Benoit Tessier

In a proposal to parliament on Monday, the ministry said guarantees would now also be halted from 2021 for projects involving heavy oil, shale oil and bitumen oil sands, which would affect the creation of up to 700 new jobs. “We eventually don’t want the government to support fossil fuels abroad with export financing,” Finance Minister Bruno Le Maire told reporters.

Over the last 10 years, the government has extended export guarantees worth 4.5 billion euros to the gas and oil industries with 60% still outstanding as of May, according to the finance ministry.has not requested export guarantees for its $20 billion liquefied natural gas project in Mozambique while no decision has been taken on a Russian Arctic LNG project in which Total is involved, ministry sources said.

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