12 °c
London
Sunday, September 24, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Infrastructure

Port investments to contribute towards South Africa economy

Fabio Scala by Fabio Scala
January 27, 2022
in Africa, Infrastructure, South Africa
Reading Time: 3 mins read
840 8
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Minister of Transport, Fikile Mbalula, has unveiled critical investments that will contribute towards advancing South Africa’s economic interests through Operation Phakisa.

Amongst others, these investments include the construction of an onshore Liquid Natural Gas (LNG) regasification facility, liquid bulk operating license to develop and operate a liquid bulk terminal and access rights for the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP).

“These ground-breaking investments will also give impetus to growing the oceans economy and the implementation of the Comprehensive Maritime Transport Policy, which seeks to create a nurturing environment for entrepreneurs to develop and grow their businesses,” the Minister said.

Addressing the media on Monday during his visit to the Port of Durban, he said the investments represent the sector’s contribution to the Economic Reconstruction and Recovery Plan.

To date, working closely with Minister of Public Enterprises and the Transnet National Ports Authority, we have given a green light in respect of a number of investments in the Ports, which will deliver tangible economic dividends and place South Africa on a sustainable growth path.

“The Strategic Fuel Fund will construct an onshore Liquid Natural Gas (LNG) regasification facility at the Port of Ngqura. This investment is of national importance as it responds to energy policy and energy security of the country. The total project value is estimated at US$1.5 billion,” the Minister said.

Also read: South Africa gets US$750M World Bank loan to bolster COVID recovery

Mnambithi Terminals will also develop and operate a liquid bulk terminal at the Maydon Wharf 6 in the Port of Durban.

The investment is aimed at contributing towards sustainable job creation during the construction and operation phases of the project.

The construction phase will create over 1 500 temporary direct and other indirect job opportunities. The operation phase will create over 150 skilled and semi-skilled employment opportunities.

“This investment will significantly contribute to infrastructure development. The total construction investment is R1.5 billion. The US$ 26 million maritime vessel that is part of this investment, is the first chemical tanker to be acquired by a South African company and will soon be flagged locally,” Mbalula said.

Hillside Aluminium Proprietary Limited will renew existing leases in the Port of Richards Bay for Bulk Storage Silos Facility, Pitch Tanks Terminal, Stock Yard Facility and Conveyor Belt System Effluent Pipeline Facility.

“Hillside stands at the apex of South Africa’s aluminium industry and is therefore, one of the major contributors to the country’s economy. Their investment further supports the competitive existence of a downstream aluminium industry directly employing approximately 11 600 people permanently, whilst contributing to the indirect formal employment of 28 500 people,” the Minister said.

The direct contributions include revenue to Transnet and the municipality of Richards Bay of R338 million per annum, local procurement spend of R2 billion per annum, and contribution to the tax base of R1.1 billion per annum.

Dormac Marine Engineering will also renew existing leases, which will generate rental income for Transnet and eThekwini Municipality, currently standing at R17.5 million per annum.

“Durban Premises and Port premises in Cape Town, currently leased from Transnet at full commercial rentals, currently generate R20.6 million per annum for Transnet. Dormac employs 136 employees and this investment will preserve these,” the Minister said.

Also read: South Africa needs to work towards sustainable social protection measures

The Minister affirmed government’s commitment to accelerating interventions geared towards enabling small businesses and medium enterprises participation in the transportation of commodities as part of promoting the development and growth of South Africa’s Ship Registry.

Plans to make our ship registry attractive and worthwhile for owners to flag ships in South Africa must be given impetus, and using this opportunity to expand our seafarer base.

“The private sector participation in the sector should, amongst others, provide a multiplier effect to skills development, and broadening access to learning by those previously disadvantaged,” the Minister said.

He emphasised the importance of transforming the maritime sector by creating a nurturing environment for entrepreneurs with skills in the composite industry to develop and grow their own businesses.

“The port infrastructure projects should boost the local content with increasing local supply chains and locally manufactured components are critical to the growth of the maritime sector,” the Minister said.

He called on the private sector to participate in the broader agenda of developing and improving port operations.

“Addressing the long-standing issue of High Cube containers, the Department is committed to prioritise addressing this burning issue by developing legislation that will give these the same status as double-decker buses and car carriers,” the Minister said.

Related

Source: Press Release South African Government News Agency
Tags: Bulk Storage Silos FacilityComprehensive Maritime Transport PolicyConveyor Belt System Effluent Pipeline Facilitydownstream aluminium industryEconomic Reconstruction and Recovery PlaneThekwini MunicipalityFikile MbalulaHillside Aluminium Proprietary LimitedInfrastructureliquid bulk terminalLiquid Natural GasLNGMinister of Public EnterprisesMnambithi TerminalsPitch Tanks TerminalPort investments to contribute towards South Africa economyPort of DurbanPort of NgquraPort of Richards BayRisk Mitigation Independent Power Producer Procurement ProgrammeRMIPPPPSouth AfricaSouth Africa Transport minister Fikile MbalulaStock Yard FacilityStrategic Fuel FundTransnet National Ports Authorityюжная-африкаجنوب-أفريقيا南アフリカ南非
ScanSendShare339Tweet212Share59Pin76Send
Fabio Scala

Fabio Scala

Fabio Scala is currently a bank director in Mozambique. Previously he served in a UK family office focused on an equity portfolio in Southern Africa. He is also a board member of Uhusiano Capital, a boutique investment firm focused on impact investment, and a board advisor at Digilogic - a pan-EU-Africa network of DIHs focusing on Smart logistics. Prior to his African experience, Fabio has worked in the US, Portugal, and Brazil where he started his career at Caixa Economica Federal - the country’s largest state bank.

Related Posts

Weekend

Top 5 islands in Kenya you must visit

by See Africa Today
September 23, 2023
Weekend

6 stunning beaches in Egypt to visit in 2023

by See Africa Today
September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022
Development

Opportunity through adversity: 8th annual Africa risk-reward index

by Rafael Carvalho
September 23, 2023
Tech

Elon Musk’s Starlink is off to a bright start in Africa

by The Exchange
September 22, 2023
Africa

Nigeria’s smart city dream gets US$200M boost from Afreximbank

by The Exchange
September 22, 2023
Mozambique eVisa
 
MozParks

Translate this page

Read the Latest

Weekend

Top 5 islands in Kenya you must visit

by See Africa Today
September 23, 2023
0

Kenya is a small paradise teeming with beautiful landscapes, rich culture and breathtaking sceneries, not forgetting some of the best...

Read more

6 stunning beaches in Egypt to visit in 2023

September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022

Opportunity through adversity: 8th annual Africa risk-reward index

September 23, 2023

Elon Musk’s Starlink is off to a bright start in Africa

September 22, 2023

Nigeria’s smart city dream gets US$200M boost from Afreximbank

September 22, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107.3K other subscribers
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?