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Sasol may follow through with Condea purchase
Sasol could follow through with a R8.7bn purchase of Condea, a German chemicals firm, with a listing on the Frankfurt Stock Exchange. This was after Peter Cox, the vice chairman and CEO, told the press that he was considering a co-listing of the company on a foreign bourse, to help fund its global expansion. Sasol expects to be a R50bn company with 50% of its income coming from exports and offshore operations in 2001. Sasol already has a secondary listing on the NASDAQ, but would likely seek a higher profile venue if it were to follow a co-listing strategy.
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Sasol/Qatar complete feasibility study
Sasol Synfuels International, a subsidiary of Sasol, and Qatar Petroleum have completed the feasibility study for an $800m gas to liquids joint venture at the Ras Laffan industrial city in Qatar. The parties to the Qatar project announced a further $30m investment for front-end design and engineering work, to begin once the required regulatory approvals have been obtained. The Qatar project is due to start up in 2005 and will convert natural gas into about 34 000 barrels of environment friendly fuels a day.
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Sasol and industry supply agreement
The board of Sasol has made passing reference to the goal of creating a network of about 300 branded service stations when the industry supply agreement is terminated at the end of 2003. The agreement obliges the other oil companies to market Sasol's synthetic fuel production through the 5 000 retail outlets they supply throughout the country. When SA's economic isolation came to an end, Sasol announced it would voluntarily end the arrangement, which has a clause requiring a 5 year notice period from both sides.
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