Global trader Vitol is backing a $3 billion LNG terminal project in Durban, while Dutch tank storage and terminal operator Vopak pushed back a final investment decision on the country’s first LNG terminal to 2028.
“This milestone represents a profound shift in how South Africa utilises its commercial seaports to support national energy security,” Michelle Phillips, Transnet Group Chief Executive, said in the statement.
The Ukwanda LNG project is expected to involve investment of about ZAR22 billion ($1.34 billion), including a dedicated LNG berth at one of the country’s deepest ports, with full operations by 2035, Transnet added.
(Reporting by Wendell Roelf, Ankita Bora and Unnamalai L; Editing by Alexander Winning)
Reuters
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