JOHANNESBURG, June 20,
2024 /PRNewswire/ -- Transnet SOC Limited (Transnet),
through its business unit Transnet Pipelines, transports crude oil
for both Sasol Oil (Pty) Ltd (Sasol Oil) and TotalEnergies
Marketing (Pty) Ltd (TotalEnergies) from Durban to the Natref crude oil refinery
located in Sasolburg. Sasol Oil and TotalEnergies hold 63,64% and
36,36% respectively of the shares in Natref.
In 2017, Sasol Oil followed TotalEnergies in instituting legal
action against Transnet for damages arising from Transnet's breach
of its obligation to set pipeline tariffs for conveyance of crude
oil in terms of an agreement that had been entered into between the
parties in 1991. The result of the breach was that Transnet
overcharged Sasol Oil for the conveyance of crude oil over a number
of years.
The litigation between the parties has been ongoing for years
and a number of issues in the matter have been determined by the
High Court, Supreme Court of Appeal and Constitutional Court
respectively.
The remaining issues in the litigation proceeded to trial in the
High Court of South Africa from 15
April to 3 May 2024. On 18 June 2024, judgement was handed down by the
High Court in Sasol Oil and TotalEnergies' favour. Damages in the
amount of R3 889 475 802 plus interest amounting to approximately
R2,3 billion were awarded to Sasol Oil.
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SOURCE Sasol Limited