OTGC abandons plan to develop Ngqura liquid bulk storage terminal on viability concerns
Joint venture (JV) company Oiltanking Grindrod Calulo (OTGC) has decided not to proceed with the development of a liquid bulk storage terminal in the Port of Ngqura.
The Transnet National Ports Authority (TNPA) in 2011 awarded OTGC preferred bidder status to develop a liquid bulk storage terminal in the port.
The facility was intended to replace the existing terminal in Port Elizabeth and service fuel importers in the Nelson Mandela Bay region.
"Since the date of award, OTGC has been engaged in negotiating the build, own, operate and transfer agreement, engineering design of the terminal, obtaining commercial commitments from customers, negotiating funding with lenders and obtaining the required regulatory permits for the construction of the project.
"Unfortunately, OTGC has not been able to achieve a commercially viable business case for the proposed terminal. The evolving market and commercial requirements for a reduced terminal capacity and land could not be accommodated in the parameters of the TNPA procurement process.
"OTGC is, therefore, in the regrettable position that it has had to discontinue the project," the company noted in a November 16 media release.
OTGC is a JV between operating partner, German multinational Oiltanking, and local partners, Grindrod, Calulo Investments and nonprofit organisation Adopt-a-School Foundation.
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