The International Finance Corporation (IFC) has made a $2-million cost-sharing commitment to support the completion, by Transnet, of a feasibility study into the development of a liquefied natural gas (LNG) storage and regasification terminal at the Port of Richards Bay, in KwaZulu-Natal by 2024. The financial support will also be used to prepare the way for a competitive bidding process designed at securing private-sector equity participation in a special purpose vehicle (SPV) that will be created to build and operate the so-called Richards Bay Natural Gas Network (NGN) for 15 to 20 years.
