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Johanneburg - Logistics group Transnet said on Wednesday the costs for its new multi-product pipeline had doubled after the company revised the schedule and scope of the project.
It would pay for the pipeline from its own balance sheet it said.
Transnet said costs for the pipeline from Durban to Johannesburg have risen to R23.4bn to complete the pipeline, up from an initial forecast of R11.1bn.
Chris Wells, Transnet's acting chief executive, said that while it needed to move money away from other projects to fund the pipeline, "no important" projects would be deferred.
Wells also said the company had done all the preparatory work for an international bond issue, but was waiting until the market was right to proceed.
The pipeline is meant to replace the old multi-product line from Durban to Johannesburg, built in 1965, which carries mainly petrol and diesel and which is nearing the end of its life.
The pipeline project, including the pipeline and associated terminals, would be completed by December 2013.
It would pay for the pipeline from its own balance sheet it said.
Transnet said costs for the pipeline from Durban to Johannesburg have risen to R23.4bn to complete the pipeline, up from an initial forecast of R11.1bn.
Chris Wells, Transnet's acting chief executive, said that while it needed to move money away from other projects to fund the pipeline, "no important" projects would be deferred.
Wells also said the company had done all the preparatory work for an international bond issue, but was waiting until the market was right to proceed.
The pipeline is meant to replace the old multi-product line from Durban to Johannesburg, built in 1965, which carries mainly petrol and diesel and which is nearing the end of its life.
The pipeline project, including the pipeline and associated terminals, would be completed by December 2013.
