Sasol, IDC Group ink deal to develop hydrogen economy in South Africa

SOUTH AFRICA – Petrochemical giant Sasol and the Industrial Development Corporation (IDC) have signed a memorandum of understanding to collaborate on developing and shaping an enabling environment for South Africa’s green hydrogen economy. In a press statement, the parties said the agreement was based on the mutual recognition that South Africa was well placed to harness its world-class renewable energy endowment and infrastructure, as well as Sasol’s Fischer-Tropsch technology and capabilities, to position the country as a worldwide leader in the hydrogen economy. Sasol and the IDC would collaborate on…

Read More

iGAS Energy and CMG exercise rights to up stake in Mozambique pipeline company ROMPCO

MOZAMBIQUE – Onshore oil and gas exploration iGAS Energy Plc. in partnership with Companhia Mocambiçana de Gasoduto (CMG) declared that they have exercised their pre-emptive rights to acquire a 30% equity stake in the Republic of Mozambique Pipeline Company (ROMPCO) pipeline valued at US$293 million. ROMPCO is a joint venture between Sasol South Africa (50%), CMG (25%) and South African Gas Development Company (SOC) Limited (iGAS) (25%). The joint venture owns the 865-kilometre gas transmission pipeline from Mozambique to South Africa.  This decision is the culmination of a public statement issued by…

Read More

Sasol agrees to sell 30% interest in ROMPCO to an acquisition vehicle

MOZAMBIQUE- Energy and chemical company Sasol South Africa (SSA), a subsidiary of Sasol, has concluded a sale and purchase agreement (SPA), to sell a 30% equity interest in the Republic of Mozambique Pipeline Company (ROMPCO), subject to pre-emptive rights by other shareholders. In a statement, Sasol said ROMPCO is a joint venture between SSA (50%), Companhia Mocambiçana de Gasoduto S.A. S.A.R.L (CMG) (25%) and South African Gas Development Company (SOC) Limited (iGas) (25%). The joint venture owns the 865km gas transmission pipeline from Mozambique to South Africa. The company said…

Read More

Sasol and Air Liquide invite bidders for the supply 600MW green energy

SOUTH AFRICA – Energy giant Sasol and French industrial gas supplier Air Liquide are inviting bidders to participate in a Request for Proposal (RFP) process for the supply of renewable energy to Sasol’s South African operations. Sasol has set a greenhouse gas (GHG) target for their South African operations to reduce emissions by at least 10%, off a 2017 baseline, by 2030 and the introduction of renewable energy will be a significant contributor to the company’s decarbonisation efforts. Sasol’s core business is leveraging technologies and the expertise of its people…

Read More

Vaalco completes acquisition of Sasol Gabon’s working interest in Etame Marin block offshore

GABON – Vaalco Energy has announced its completion of the previously announced acquisition of Sasol Gabon’s 27.8% working interest in the Etame Marin block offshore Gabon, increasing the Company’s total working interest to 58.8%. The transaction had an economic effective date of July 1, 2020. Taking into account the US$4.3 million deposit, net cash flow from the Sasol interest through closing and other purchase price adjustments, Vaalco paid US$29.6 million to Sasol at closing from cash on hand. Vaalco’s reserves, production and financial results for the Sasol interest being acquired…

Read More

Sasol reduces its debt by US$4.26b, avoids dilutive rights issue

SOUTH AFRICA – Petrochemical giant Sasol has reiterated its decision not to pursue a rights issue, as the group made headway in reducing its debt burden by US$4,26 billion  for its half-year to the end of December 2020. Sasol published its latest results on the Johannesburg Stock Exchange, which showed that the group’s total debt at the end of its interim period stood at US$8.49 billion, compared to US$12.8 billion as at June 30, 2020  for the full-year. This is a notable cut within just six months, which comes largely on the…

Read More

Sasol sells its Mozambique gas- to-power plant for US$145m

MOZAMBIQUE – Chemicals group Sasol has sold its Mozambique gas- to-power plant Central Termica De Ressano Garcia S.A. (CTRG) to Azura Power for US$145 million In a press statement, Sasol says this transaction is part of its “ongoing, strategy aligned, asset divestment programme.” The disposal of CTRG follows its sale of a 50% stake in its newly-completed Lake Charles Chemicals Project in Louisiana, for US$2 billion to LyondellBasell, a global chemicals and plastics producer a few weeks ago. It has also sold its 50% interest in the Gemini high-density polyethylene…

Read More

Sasol to sell another US asset for US$404m

SOUTH AFRICA – Chemicals and energy group Sasol has agreed to sell its 50% stake in US-based polyethylene business Gemini for $404m, the latest disposal as the group seeks to cut debt and avoid tapping shareholders. Sasol intends to sell the stake to existing partner INEOS Olefins and Polymers, which operates the toll manufacturing facility in La Porte, Texas, with the parties setting a target date for concluding the transaction of the end of December. The facility produces bimodal high-density polyethylene products, which are used in pipelines and film. The deal…

Read More

Vaalco Energy acquires Sasol’s 27.8% working interest in Etame Marin

GABON – Vaalco Energy, a company engaged in hydrocarbon exploration, has signed a sale and purchase agreement (SPA) to acquire Sasol Gabon S.A.’s (Sasol’s) 27.8% working interest in the Etame Marin block offshore Gabon. Since Vaalco currently owns and operates a 31.1% working interest in Etame, the transaction will almost double Vaalco’s total production and reserves. In addition, Vaalco is acquiring Sasol’s 40% non-operated participating interest in Block DE-8 offshore Gabon. The Company has agreed to total cash consideration for both properties of approximately US$44 million. The effective date of…

Read More

Sasol to sell part of Lake Charles business to LyondellBasell for $2bn

SOUTH AFRICA – Chemicals and energy group Sasol has entered into a $2billion agreement to sell part of its Lake Charles business in Louisiana in United States to multinational chemicals group LyondellBasell. If approved by Sasol shareholders, LyondellBasell would pick up 50% of the Lake Charles base chemicals business and the two parties would form a joint venture. Sasol has grappled with cost overruns at Lake Charles in recent years as 2020 has delivered an explosion at the facility, a hurricane, and a slump in oil price due to the Covid-19…

Read More