ExxonMobil (XOM) to Develop South Africa’s First LNG Import Terminal at Port of Richards Bay

ExxonMobil (XOM) to Develop South Africa’s First LNG Import Terminal at Port of Richards Bay Maham Fatima Sun, June 21, 2026 at 12:52 PM GMT+2 2 min read XOM NG=F Exxon Mobil Corporation (NYSE: XOM ) is one of the most undervalued NYSE stocks to invest in . On June 18, ExxonMobil South Africa LNG signed a heads of agreement with the Zululand Energy Terminal/ZET to supply liquefied natural gas. The terminal will be South Africa’s first LNG import facility ‌once built.

This project, managed by a consortium including Vopak Terminal Durban and Transnet Pipelines, aims to establish a hub for LNG storage, regasification, and distribution under a 25-year operational term. The terminal is designed to provide essential infrastructure to supply natural gas to the country’s electricity and industrial sectors. This development is particularly critical as South Africa faces a potential “gas cliff” by 2030 due to declining output from existing regional supply sources, which could threaten industrial operations and economic stability if alternative gas supplies are not secured.

Once operational, the facility is expected to strengthen South Africa’s long-term energy security and support the country’s industrial competitiveness. Both Exxon Mobil Corporation (NYSE:XOM) and ZET highlighted that the collaboration leverages global LNG expertise to address the country’s growing energy demand while facilitating a balanced transition within the broader energy sector. Mizuho Reduces Target Price on SM Energy (SM) to $31, Following Q4 Earnings Release Copyright: 1971yes / 123RF Stock Photo Exxon Mobil Corporation (NYSE:XOM) is one of the world’s largest integrated energy companies, with operations spanning oil and natural gas exploration, production, and refining.

The company also manufactures fuels, petrochemicals, lubricants, and advanced plastics, while investing in lower-emission initiatives such as carbon capture and lithium production. While we acknowledge the potential of XOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the   best short-term AI stock .

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