The south African power and chemical agency Sasol has agreed precept phrases to promote its 50 p.c curiosity within the Gemini high-density polyethylene three way partnership to its associate INEOS for US$404 million.
“This divestment continues the transformation of Sasol’s Chemicals enterprise towards specialty chemical compounds markets,” stated Fleetwood Grobler, Sasol President and Chief Executive Officer. “We are happy that our valued associate INEOS is buying Sasol’s share of the Gemini HDPE JV and admire our productive partnership over the previous six years.”
Gemini is a toll producer of bimodal high-density polyethylene merchandise operated by INEOS and positioned throughout the INEOS Battleground Manufacturing Complex in La Porte, Texas.
The transaction, topic to financing and different customary changes, is focused to shut by the tip of calendar 12 months 2020. It will consolidate 100 p.c of Gemini possession and all advertising beneath INEOS.
Sasol Gabon S.A. (Sasol) and VAALCO Gabon S.A. (VAALCO) have signed a sale and buy settlement (SPA) that can see VAALCO purchase Sasol’s 27.Eight% working curiosity within the Etame Marin block offshore Gabon (Etame). In addition, VAALCO is buying Sasol’s 40% non-operated taking part curiosity in Block DE-Eight offshore Gabon (DE-Eight). The efficient date of the transaction is July 1, 2020 for a complete money consideration for each property of US$44 million, topic to sure customary monetary changes together with money flows attributable to the interval from the efficient date till the time limit. The SPA accommodates customary closing situations together with receipt of all essential written consents, approvals or waivers, and offers for sure contingent funds of as much as $6 million. Etame is a producing asset with confirmed reserves, whereas DE-Eight is an exploration allow.
“This transaction marks one other step in the direction of Future Sasol. With our strategic repositioning, we made the choice to exit all upstream oil-based development alternatives in West Africa, as we prioritise development in specialty chemical compounds globally and give attention to our Southern African power enterprise’ transition. We are happy that VAALCO, our long-standing associate, has agreed to broaden its curiosity and proceed to nurture these property,” stated Paul Victor, Chief Financial Officer, Sasol Limited.
Sasol is an built-in power and chemical firm primarily based in Sandton, South Africa. The firm was fashioned in 1950 in Sasolburg, South Africa and constructed on processes that had been first developed by German chemists and engineers within the early 1900s. Today, Sasol develops and commercialises applied sciences, together with artificial fuels applied sciences, and produces totally different liquid fuels, chemical compounds and electrical energy
(Source and picture: Sasol
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