Sasol Limited- Sasol announces reduction of its economic interest
in the Escravos gas-to-liquids project
(Incorporated in South Africa)
(Registration number: 1979/003231/06)
ISIN Code: ZAE000006896
Share Code: SOL
NYSE Code: SSL
("Sasol")
Sasol announces reduction of its economic interest in the
Escravos gas-to-liquids project
On 13 May Sasol reported that the capital cost of the Escravos
gas-to-liquids project (EGTL) under construction in Nigeria is
expected to increase to US$6 billion and that Sasol was reviewing
all the factors that have an impact on the project economics.
On 3 September, Sasol and Chevron, partners in the project
entered into a heads of agreement for Chevron to purchase an
additional 27,5% in the EGTL project and Sasol to reduce its
economic interest in the EGTL project from 37,5% to 10%.
Definitive agreements will be finalised in due course and will be
subject to the relevant regulatory approvals.
As a result of the reduction in our economic interest, an
impairment of R362 million was recognised in 2008 in operating
profit (a net effect after tax of R112 million) relating to
interest previously capitalised on the capital expenditure.
Lean Strauss, Group General Manager for Sasol’s International
Energy Cluster said: “Sasol remains fully committed to the EGTL
project, which continues to utilise our technology under license,
by providing our full range of technical and skills support.”
Johannesburg
4 September 2008
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
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historical facts and relate to analyses and other information
based on forecasts of future results and estimates of amounts not
yet determinable. These are forward-looking statements as defined
in the U.S. Private Securities Litigation Reform Act of 1995.
Words such as "believe", "anticipate", "expect", "intend",
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