SA, Mozambique pipeline project to take off

  1. Posted on Tuesday 12 August 2008 - 14:09
    Sam Banda Junior
    Image of Sam Banda Junior
    Sam Banda Junior, AfricanNews Reporter, Malawi, Central Africa
    The pipeline project to link Mozambique's capital Maputo and South Africa's city of Nelspruit will carry 3, 5 billion litres of petroleum products per year and is expected to be operational in 2011. Work is set to start in November.
    Oil
    A 450km pipeline connecting the two southern African countries is expected to see an investment of about US$ 537 million.

    “Work would begin in November, a month after earlier projections”, spokesperson for Petroline Holdings Mariana Nieuwoudt said.

    Despite the good news that the construction will start in November, work has delayed by a month since it was supposed to kickoff in October.

    The SABC report further disclosed that the pipeline is expected to alleviate problems in the transportation of oil products in South Africa's Gauteng, Free State, North West, Limpopo and Mpumalanga.

    The report quoted the daily Noticias as saying work on the pipeline linking the two countries will start a month behind schedule due to delays in approving the final version of the environment impact assessment which according to Nieuwoudt was submitted last week.

    In another development one of the biggest South African retailer Shoprite said on Monday it expects its full-year headline earnings per share to rise by between 45 and 55 percent from the previous year, sending its shares up nearly 5 percent.

    Shares in Shoprite rose as much as 4.9 percent, and traded 3.66 percent higher at 42.50 rand by 1412 GMT, outperforming a 0.68 percent rise in the All-Share index.

    The company said results for the previous year had been depressed by industrial action at Shoprite, its biggest brand, but that businesses outside South Africa had lifted trading profit much higher than the rest of the group.

    Shoprite is one of the biggest retailers in the African continent and also trades in other countries like Zambia, Malawi, Zimbabwe and Botswana.

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