South African group postpones signing contract for construction of gas pipeline in Mozambique

South African oil group SacOil

South African oil group SacOil Holding Ltd. has postponed the signing of the contract of partnership for construction of the “African Renaissance” to a later date, according to a statement on its website.

The partnership contract was signed in Maputo on Friday, 22 April, by MOzambican state oil company ENH, Profin Consulting Sociedade Anónima (Profin), China Petroleum Pipeline Bureau (CPP), China Petroleum & Technology Development Corporation (CPTDC) and Progas Investment Group (Pty) Limited.

The South African group said the contract would be signed after the board of directors carries out an assessment of the deal and the opportunities associated with its participation in the “African Renaissance” project.

The group’s chief executive, Thabo Kgogo said the board “did not want to rush this process” but said that SacOil Holding Ltd. “remains fully involved in the project.”

The “African Renaissance” pipeline, which when built will connect the north of Mozambique to the South African province of Gauteng, has an estimated cost of US$6 billion, to be financed mostly by banks from China.

Mozambique has the majority control of the pipeline, with a 56 percent share, China with 20 percent and South Africa with 24 percent.

source: macauhub

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