SFF progresses key oil, gas developments
The Strategic Fuel Fund (SFF) has finalised a terminal operator agreement for the Saldanha Bay Fuel Storage Terminal, relating to the handling and storing of crude oil, liquid petroleum gas (LPG) and refined products.
SFF also finalised a terminal lease agreement for the handling and storing of crude oil.
The fund confirmed in a briefing to the Portfolio Committee on Mineral Resources and Energy on March 14 that the construction of an LPG pipeline from Berth 104 to a storage facility will start by the second quarter and be completed in time for winter.
This follows the Competition Tribunal in January approving SFF’s acquisition of a 60% equity stake in the assets of Avedia Energy, which includes the LPG terminal in Saldanha.
This asset enables SFF to become more competitive in the downstream LPG market by importing cheaper LPG and storing it for the country’s energy needs.
Meanwhile, SFF also updated the committee on its bringing back into operation the Milnerton Tank Farm, by refurbishing storage tanks and upgrading logistics infrastructure.
SFF in the fourth quarter of 2022 appointed a service provider to inspect and develop a scope of work for the refurbishment of five tanks over two years. SFF now plans to finalise a service provider appointment from the engineering panel to refurbish the Milnerton tanks.
SFF plans to commission the Milnerton Tank Farm, with ten refurbished tanks, in the 2026/27 financial year, at a cost of about R500-million.
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