SacOil Holding Ltd., has delayed the signing of a joint-venture deal with its partners, to construct a $6 billion pipeline to convey gas from offshore Mozambique to Gauteng in South Africa, Bloomberg reports.

According the SacOil Chief Executive Officer, Thabo Kgogo (photo), the company is still interested in the project but the board felt that the process (which is supposed to be completed in the next three to four weeks) should not be rushed.

He added that the company’s partners which includes Mozambique’s national oil company, China Petroleum Pipeline Bureau and China Petroleum & Technology Development Corp., had signed the deal regarding the African Renaissance Pipeline on April 22.

Kgogo had said in March that the 2,600km pipeline will be mostly financed by the Chinese banks and might come on stream by 2020.

This pipeline is part of the projects to exploit gas finds in Rovuma Basin, located off the northern coast of Mozambique.

Anadarko Petroleum Corp. and Eni SpA have revealed plans to export liquefied natural gas, while the South African government is cheering private companies to develop 3,126 megawatts of gas-fired power in the country.

Anita Fatunji