Power cuts were hitting Transnet's service, its chief executive Maria Ramos announced in Johannesburg on Wednesday.

They were a problem particularly as far as the company's expansion projects were concerned, she said.

"We were affected and we are from time to time affected by the power issues - like everybody else - and we are committed to deal with the savings we have been asked to work with Eskom on.

"(South Africa) is not the only country in the world with these power problems, so we need to work together on this, but it does impact on volumes and it does impact on the quality of service that we offer our clients.

"Of course we are factoring in the potential impact of all of this on volume growth, especially as it impacts on our key clients..."

Working closely with Eskom

She said Transnet was working closely with Eskom to minimise the impact of the power disruptions on its operations.

"We've had a very good reception from Eskom."

Another challenge could come from the deepening sub-prime credit crisis which was slowing economic growth globally.

"This is a very difficult global economic environment. The credit crisis arising from the sub-prime market has impacted on global growth," said Ramos.

"South Africa is one economy in a very large world, so it does face the global slowdown and we are starting to see some of that impact on our own economy," she said.

She added, though, that she remained optimistic that the country's economy was still growing and that there were still good prospects for Transnet's growth.

R80-billion capital expenditure programme

Ramos announced that Transnet planned an R80-billion capital expenditure programme over the next five years.

The bulk of that would continue to go into freight rail, at about R38-billion, followed by investments in the National Ports Authority, at R16-billion, new pipelines, R11.9-billion, and port terminals, R9.6-billion.

While the new investments would be funded mainly through internal resources, about R37-billion would have to be funded in the market, the majority in the next three years, she said.

She said a range of options had been put in place to do this in the domestic market, but 35 percent to 40 percent of the capital programme was imported.

"I think we're well on our way to transform this company into a world class transportation, infrastructure and logistics company...," said Ramos, who emphasised that its focus was on availability and reliability.

Non-committal on future plans

With just five months left to run on her contract, Ramos remained non-committal on her future plans.

She was also tight-lipped on whether she had chosen a successor, at pains to point out that she had put in place a team of talented people and that no one person made a company.

"I've got a contract and my style is to work until the last hour of the last day of whenever I'm going to be here until.

"Until then I don't really think about it. I've got a big job to do and I will do it and nothing's going to stand in the way of doing it."

Asked bluntly whether she would stay with Transnet, she jokingly asked: "I don't know. Are you applying for the job?...Or do you want my CV? ... I need an easy job next. I don't know."

Pressed to comment on whether there was any truth in reports speculating that she could move into the chief executive slot at Vodacom, Ramos again responded light-heartedly, saying: "I'm sure I'm going to be linked to a lot of jobs" - and asking whether the existing chief executive knew of the rumour.

Sapa