We don’t give all the details because there are also a counterpart, but that’s clear. So it’s — to be clear, and we have embedded in the strategies a fact that maybe we developed a 100% project. But when we farm down. And by the way, I always explain to you several times, it’s not only a matter for me of profitability. It’s a matter of managing the risk. I prefer to have 2x 50% of 2 projects, and 1x 100%. It’s just a matter of things could happen. So that’s — yes, I can tell you, by the way, it was 16x EBITDA, if somebody gives me an indication, 16x EBITDA. So I think 16x EBITDA, I can tell you, no problem. I can’t continue to develop my renewable business with this type of returns of 50% of my portfolio. And this gives the cash also to recirculate the cash and risk this project.
So I think it’s a smart way, and we’ll stick on this strategy. No, there is no link between Mozambique and the U.S. We like both. We like LNG, okay? We want to continue to grow in a growing business, which is LNG. LNG is good. LNG is international gas. LNG is a way to decarbonize the coal-fired power plants in Asia and elsewhere. So there is no fear about it. Maybe, there may be some cycles. Today, it’s at the top. It could go down because we are not able in the industry, of course, to plan all the plans very smartly. We invest, but — so we are — we think that the U.S. on the long term is competitive because you have the U.S. gas price is about the lowest in the world, so $3 to $5. Even at $5 per million BTU, it will be very, very profitable.
So that’s the reason why. So yes, we have Cameron LNG. Yes, we have ECA in Baja, California, Phase I, which is being built, and Phase II may be in the near future. We are looking over opportunities in the U.S., and it’s independently of Mozambique. Mozambique, just to make — to answer your question, I spent a day last week, Friday, a day in Cabo Delgado because my — that — my company, I said there is no way for me to envisage any restart of Mozambique as not as you don’t allow me to visit Cabo Delgado. And I can travel around with a car, not an army, but alone. So we are only 3 of us, 2 cars. I want to go there. I want to check. I want, in fact, to go to see what if life is back to normal. I can tell you what I’ve seen from a security point of view is good.
Even life is back to normal. Villages, people are back. But it’s one step. There is more steps to be done. The 2 next steps, it varies and I — because there have been some, I would say, controversies about human rights, about the — around the project, not because of us. We inherited that from Anadarko acquisition. So I want a clear view on these human rights issues, which is a salient issue for me. It’s important. I have given a mission to — especially to human rights, a very well-known doctor in France, was accepted. He’s making his job, so I’m waiting to see his report to understand exactly what is, I would say, these — what are these issues. If there are things to be done, we’ll execute the recommendation. We’ll be transparent on it.
