Transnet Plans $853 Million South African Oil, Gas Service Port
Transnet SOC Ltd., South Africa’s state-owned logistics company, said it would develop a service facility for the oil and gas industry at the port of Saldanha Bay in the country’s Western Cape province.
“Currently, 80 to 100 oil rigs are operating off the west coast of Africa, creating a sizable captive market for Saldanha,” Transnet said. “A further 120 oil rigs pass the southern tip of South Africa,” making this a potential market.
Transnet is two years into a seven-year, 312.2 billion-rand program to improve rail links and port capacity in South Africa, the continent’s second-biggest economy. The company is financing the investment by tapping local and foreign debt markets.
Entering the offshore oil and gas industry may create 6,300 direct new jobs and a further 25,200 indirect employment opportunities, Transnet said.
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- January 27, 2015
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