BLOOMBERG:
SacOil Holds Off Signing Mozambique Gas Pipeline Joint Venture
6, Africa, Economy, FDI, Finance, Gas, Infrastructure, Mozambique, Natural Resources, oil, SADC, South Africa
SacOil
Holding Ltd. held off joining its partners in signing a joint-venture agreement
to build a $6 billion pipeline to transport gas from offshore Mozambique to
South Africa’s commercial heartland of Gauteng.
“The
board felt we didn’t want to rush the process,” which should be completed in
the next three to four weeks, SacOil Chief Executive Officer Thabo Kgogo said
by phone on Monday, after the company issued a statement to the Johannesburg
Stock Exchange. “We’re still in the project.”
SacOil
said its partners, including Mozambique’s national oil company, China Petroleum
Pipeline Bureau and China Petroleum & Technology Development Corp., signed
the agreement on the African Renaissance Pipeline on April 22. The
2,600-kilometer (1,616-mile) pipeline will be funded mostly by Chinese banks
and could be operational by 2020, Kgogo said last month after SacOil signed a
preliminary construction accord.
The
pipeline is among the projects seeking to exploit gas discoveries in the Rovuma
Basin, off the northern coast of Mozambique. Anadarko Petroleum Corp. and Eni
SpA have plans to export liquefied natural gas, while in South Africa the
government is encouraging private companies to develop 3,126 megawatts of
gas-fired power.
SacOil
is 42 percent owned by the Public Investment Corp., according to data compiled
by Bloomberg. The PIC manages the bulk of the pension money of South African
government workers and is the continent’s biggest fund manager.
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