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Zululand Energy Terminal (ZET) signed an agreement with Transnet National Ports Authority for a 25-year LNG terminal operation at Richards Bay. The project, costing approximately $1 billion, will proceed in two phases.

Phase 1 involves a floating storage unit with a capacity of 135,000 to 174,000 m3 and regasification infrastructure producing 400 million standard cubic feet daily. Phase 2 will replace the FSU with an onshore tank of up to 220,000 m3, increasing capacity to 60 million standard cubic feet daily. A final investment decision is delayed until 2028 due to a court ruling affecting Eskom's gas plant development plans.