JOHANNESBURG, June 29,
2022 /PRNewswire/ -- On 27
June 2021, iGAS, a subsidiary of CEF SOC Limited (CEF),
together with Companhia Mocambiçana de Gasoduto (CMG), a subsidiary
of Empresa Nacional de Hidrocarbonetos, EP (ENH), announced that
they had exercised their pre-emptive rights to acquire a 30% equity
interest in the ROMPCO pipeline ("the Transaction").
iGAS' and CMG's pre-emptive rights were exercised after Sasol
announced on 14 May 2021 that SSA, a
major subsidiary of Sasol, had concluded a sale and purchase
agreement in terms of which SSA had agreed to sell a 30% equity
interest (Sale Shares) in ROMPCO to an acquisition vehicle
beneficially owned by a consortium, comprising Reatile Group
Proprietary Limited and the IDEAS Fund managed by African
Infrastructure Investment Managers Proprietary Limited.
Following the fulfilment of all conditions precedent, the
Transaction is now complete.
The Sale Shares have been sold for a consideration
comprising an initial amount of R4,1 billion, subject to certain
adjustments, and a deferred payment of up to R1 billion, which is
payable if certain agreed milestones are achieved by 30 June 2024.
SSA retains a 20% shareholding in ROMPCO and Sasol will continue
to operate and maintain the pipeline in terms of the commercial
agreement between Sasol and ROMPCO, which is independent of the
Transaction. Sasol's agreements with ROMPCO to transport gas to
Secunda are unaffected by the Transaction and the tariffs remain as
per the said agreements, which were approved by the National Energy
Regulator of South Africa
(NERSA).
This Transaction marks the completion of the major transactions
in Sasol's accelerated, strategy-aligned, asset divestment
programme announced in March 2020.
Sasol remains fully committed to its integrated natural gas
business in Southern Africa, which
is integral to Sasol's long-term strategy.
For further information, please contact:
Sasol Investor Relations,
Tiffany Sydow, Investor Relations
Officer
Telephone: +27 (0) 71 673 1929
investor.relations@sasol.com
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, and measures taken in response, on Sasol's
business, results of operations, markets, employees, financial
condition and liquidity; the effectiveness of any actions taken by
Sasol to address or limit any impact of COVID-19 on its business;
the capital cost of our projects and the timing of project
milestones; our ability to obtain financing to meet the funding
requirements of our capital investment programme, as well as to
fund our ongoing business activities and to pay dividends;
statements regarding our future results of operations and financial
condition, and regarding future economic performance including cost
containment, cash conservation programmes and business optimisation
initiatives; recent and proposed accounting pronouncements and
their impact on our future results of operations and financial
condition; our business strategy, performance outlook, plans,
objectives or goals; statements regarding future competition,
volume growth and changes in market share in the industries and
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acquisitions of new businesses or the disposal of existing
businesses, including estimates or projection of internal rates of
return and future profitability; our estimated oil, gas and coal
reserves; the probable future outcome of litigation, legislative,
regulatory and fiscal developments, including statements regarding
our ability to comply with future laws and regulations; future
fluctuations in refining margins and crude oil, natural gas and
petroleum and chemical product prices; the demand, pricing and
cyclicality of oil, gas and petrochemical product prices; changes
in the fuel and gas pricing mechanisms in South Africa and their effects on prices, our
operating results and profitability; statements regarding future
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ratings; total shareholder return; our current or future products
and anticipated customer demand for these products; assumptions
relating to macroeconomics; climate change impacts and our climate
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carbon and GHG emission reduction targets, our net zero carbon
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expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements. By
their very nature, forward-looking statements involve inherent
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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 22 September 2021 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 foregoing
factors and other uncertainties and events, and you should not
place undue reliance on forward-looking statements. 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.
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SOURCE Sasol Limited