Construction of a proposed multibillion-dollar Durban Dug-Out Port in South Africa has been postponed once again, after the country’s biggest state-run rail, port and pipeline company, Transnet SOC Ltd., said a sluggish economy and declining global commodity prices have sapped the performance of its subsidiary, the Transnet National Ports Authority (TNPA), which is promoting the project.
Transnet CEO Siyabonga Gama on June 27 announced that the company will suspend some of its major capital projects across its port, pipeline and railway operations. Those projects had been scheduled as part of a 10-year, $20-billion rolling-market demand-strategy investment plan unveiled in 2012.