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Sasol and Mozambique government in three deals
Sasol and the Mozambique government have signed three deals regarding the development of the Pande and Temane natural gas fields and the piping of the gas to customers in SA and Mozambique. The agreement provides for the unification of the Pande and Temane fields, and a production sharing agreement grants Sasol the sole right to explore for hydrocarbons in the remaining area around the two reservoirs. ENH, the state owned oil company, will hold 30% of the equity of the company formed to develop the fields. ENH and Sasol will jointly own and develop a pipeline from Temane to Ressano Garcia on the SA border that will carry gas with the energy potential of 120 million gigajoules per year. Provision has also been made for the supply of gas to the Maputo Iron and Steel Project. A similar project between the SA government and Sasol will pipe the gas from the Mozambique border to Sasol's Secunda plant. Construction is expected to start in Jun 01.
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Sasol forms an alliance with GIBS
Sasol has formed a learning alliance with the Gordon Institute of Business Science for the training of business leaders, emphasising the moulding of potential leaders by members of Sasol's top management and the establishment of a leadership bond across business unit boundaries.
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Sasol a bidder for Condea
Sasol is one of six short listed bidders for international chemicals company Condea (valued at between Euro 600m and Euro 1.5bn), a subsidiary of RWE of Germany. Condea produces a broad range of chemical compounds with applications in resins, epoxy, inks, paints and lubricants, and is a world leader in detergent intermediaries and oxygenated solvents. It has an annual turnover of Euro 2.1bn.
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Sasol defends use of MMT in fuel
Sasol has defended its use of the fuel additive MMT, a manganese based compound that boosts the octane rating of unleaded petrol. It stated that research conducted by the company had proved it to be safe and effective. Some motor manufacturers and fuel companies claim that it has a negative effect on engine performance and could be a health risk. A programme has been set up by Sasol to monitor air quality and to respond to car manufacturer's concerns. MMT is used in the USA and has been approved by the Environmental Protection Agency. It is has also been approved for use in Canada, France and Australia.
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Sasol and Chevron in gas-to-liquids joint venture
Sasol and Chevron have set up a 50/50 joint venture, Sasol Chevron Holdings, to implement gas-to-liquid technology ventures worldwide. It is expected that the joint venture will invest $5bn over the next ten years. The company's first project is a 33 000 barrel a day plant in Nigeria, which is scheduled to begin production in 2005.
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Sasol acquires its own shares
Sasol has acquired a further 8 722 100 of its ordinary shares on the open market, bringing to a total of 36 521 700 Sasol shares that have been acquired since 1 Jun 00. The highest price paid was 5993c, the lowest 4402c and a total of R1 717 457 668 was spent, which was funded through existing cash resources. The shares will be held by a Sasol subsidiary and will not be terminated or delisted.
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Demand may fuel Sasol's natural gas growth
Rapidly growing demand for natural gas may cause Sasol to expand and integrate its southern African gas pipeline network. Sasol expects to consume 80m gigajoules of energy from natural gas by 2002 and this should increase to 120m gigajoules by 2006 and 180m by 2010. Natural gas currently accounts for 2% of the national energy needs, compared to an international norm of 20%. Recent discoveries of natural gas off Mozambique, Namibia and SA and environmental concern over the use of coal could lead to a significant extension of the existing pipeline infrastructure to include Namibia, Botswana and even Zimbabwe..
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