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Monday, May 2, 2016
SacOil Holding Ltd. appears to not be in hurry to join its partners in signing a JV agreement to build a pipeline from Mozambique to South Africa’s Gauteng. The company is planning on constructing the $6-billion pipeline in partnership with Mozambique’s ENH, China Pipeline Bureau, and China Petroleum & Technology Development Corrp.
SacOil’s delay in signing the agreement does not mean it does not plan to move forward with the project, according to the company CEO Thabo Kgogo, in a Bloomberg interview the board does not want to rush the process.
“The board felt we didn’t want to rush the process,” Kgogo said, after the company issued a statement to the Johannesburg Stock Exchange. “We’re still in the project.”
The partners in the pipeline signed the agreement on April 22, now all that is needed is SacOil’s signature.
The 2,600-km pipeline will be funded mostly by Chinese banks and could be operational by
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