SSL Sasol Ltd

By Anthony O. Goriainoff

Sasol Ltd. said Friday that it would sell its 50% interest at the Lccp Base Chemicals Business in Louisiana to a subsidiary of LyondellBasell Industries NV for $2 billion, and that the transaction is expected to be implemented before the end of 2020.

The South Africa-based petrochemical and energy company said its subsidiary Sasol Chemicals USA LLC entered into a suite of agreements and term sheets with LyondellBasell LC Offtake LLC that also includes the sale of the portion of the Lake Charles property from which it operates, and the creation of a 50-50 joint venture in relation to those assets.

The company said the transaction requires the approval of more than 50% of shareholder votes, and voting at a general meeting. It said a circular will be delivered in due course.

Sasol said the transaction will represent a significant step toward reducing its net debt and help accelerate its shift toward its Future Sasol Strategy.

The company said that under the agreement it will retain ownership and operatorship of the U.S. performance chemicals business, the other legacy base chemicals assets at Lake Charles, and the remainder of the Lake Charles property.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

October 02, 2020 01:52 ET (05:52 GMT)

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