South Africa's logistics group Transnet plans to spend at least 100 billion rand ($14.6 billion) to build a new port in Durban, the Business Report newspaper.

Quoting Mafika Mkwanazi, Transnet's board chairman, the paper said it was not known how much of the required capital the parastatal would be able to raise and if it was prepared to sell an interest to the private sector.

The paper said Transnet is expected to partner with the private sector in the development and operation of the port.

Construction of the first phase of the port -- with a container capacity of 6 million twenty-foot equivalents units -- is expected to start in 2015 and should be complete by 2019, the paper said.

Transnet is currently working on a capital expansion programme, which includes upgrades to its logistics operations.

The state-owned company's spokesman Mboniso Sigonyela could not immediately comment in detail but said the article was not "incorrect". (Reuters)