South Africa sets plans in motion with new LNG import terminal
September 2019
News
State-owned freight logistics firm, Transnet, said on Tuesday that it had signed a cost-sharing agreement with the World Bank’s International Finance Corporation (IFC) to conclude a feasibility study for the development of a liquefied natural gas (LNG) storage and regasification terminal at the Port of Richards Bay, in the KwaZulu-Natal province.
This news follows government’s intention to diversify the country’s energy mix expressed in the draft Integrated Resource Plan (IRP), which is yet to be finalised. According to the draft IRP, the country will see a shift from coal-generated electricity to renewables and gas, with the latter accounting for 8100 MW leading up to 2030.
Although globally considered one of the cleanest, safest and most reliable sources of energy, natural gas accounts for just three percent of South Africa’s energy mix. The LNG project is expected to rejuvenate South Africa’s energy infrastructure and, meet the increasing demand for a sustainable energy source. First gas is expected in 2024.
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