JOHANNESBURG, July 1, 2020 /PRNewswire/ -- Sasol (NYSE: SSL)
and Chevron have signed an agreement that will result in Sasol
selling its indirect beneficial interest in the Escravos GTL (EGTL)
plant in Nigeria to Chevron. The
transaction will release Sasol from associated company guarantees
and other obligations. Sasol will continue to support Chevron in
the performance of the EGTL plant through ongoing catalyst supply,
technology and technical support.
The transaction has an agreed economic effective date of
1 September 2019.
EXPLOSIVES JOINT VENTURE
In October 2019 Sasol announced
its intention to form a new explosives partnership with Enaex S.A.
Sasol has concluded the transaction to sell a 51% share in the
business to Enaex, and on 1 July
2020, Enaex Africa in association with Sasol, will
officially start operating in South
Africa and on the African Continent.
These transactions form part of Sasol's accelerated divestment
programme to streamline our portfolio by focusing on core assets,
which will enable Sasol's repositioning over the following 24
months.
OTHER DIVESTMENTS
Divestment processes are well underway with respect to Sasol's
equity interests in the Republic of Mozambique Pipeline Investment
Company (Pty) Ltd (ROMPCO) pipeline and the Central Termica de
Ressano Garcia (CTRG) gas-fired power plant in Mozambique, and partnering discussions in
relation to the Base Chemicals assets in the USA are far advanced. Further updates on these
and other disposals will be provided as and when appropriate.
FURTHER CAUTIONARY ANNOUNCEMENT
Sasol refers to the cautionary announcements released on the
Stock Exchange News Service on 17 March
2020 and 31 March 2020,
outlining a comprehensive response strategy designed to mitigate
the impact of COVID-19 and a lower oil price. The strategy includes
a cash conservation programme, an accelerated and expanded asset
disposal programme, as well as a potential rights issue of up to
US$2 billion which remains subject to
the progress of other initiatives.
Sasol shareholders are advised that implementation of the
response strategy is underway, the outcome of which may have a
material effect on the price of the Company's securities.
Accordingly, shareholders are advised to continue exercising
caution when dealing in the Company's securities until full
announcements on the asset disposal programme and the potential
rights issue are made.
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are
not historical facts and relate to analyses and other information
which are based on forecasts of future results and estimates of
amounts not yet determinable. These statements may also relate to
our future prospects, expectations, developments and business
strategies. Examples of such forward-looking statements include,
but are not limited to, the impact of the novel coronavirus
(COVID-19) pandemic on Sasol's business, results of operations,
financial condition and liquidity and statements regarding the
effectiveness of any actions taken by Sasol to address or limit any
impact of COVID-19 on its business; statements regarding
exchange rate fluctuations, changing crude oil prices , volume
growth, increases in market share, total shareholder return,
executing our growth projects (including LCCP), oil and gas
reserves, cost reductions, our climate change strategy and business
performance outlook. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "could", "may",
"endeavour", "target", "forecast" and "project" and similar
expressions are intended to identify such forward-looking
statements, but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and there are risks that the predictions, forecasts,
projections and other forward-looking statements will not be
achieved. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, our actual results may
differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to
differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors and others are discussed more fully in
our most recent annual report on Form 20-F filed on 28 October 2019 and in other filings with the
United States Securities and Exchange Commission. The list of
factors discussed therein is not exhaustive; when relying on
forward-looking statements to make investment decisions, you should
carefully consider both these factors and other uncertainties and
events. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to
update or revise any of them, whether as a result of new
information, future events or otherwise.
For further information, please contact:
Sasol Investor Relations,
Feroza Syed, Chief Investor
Relations Officer
Direct telephone: +27 (0) 82 557 7740
investor.relations@sasol.com
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SOURCE Sasol Limited