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Sappi considers buying gas from Sasol pipeline
Sappi is investigating the possibility of buying natural gas from Sasol, once Sasol begins to pipe in gas from Mozambique. Sasol is constructing an 895km pipeline from Mozambique's Pande and Temane oilfield to its Secunda facility at the cost of R4.8bn, in alliance with the governments of SA and Mozambique. The gas is expected to come on stream in 2004. An analyst was of the opinion that Sappi is wise to look at the opportunity but Sappi probably only agree to buy Sasol's Mozambique gas if the price is right.
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Sasol not to be given further concessions
The minerals and energy department turned down a request by Sasol on 13 Jun 01 for further concessions on the exclusive use of the planned multibillion-dollar gas pipeline from Mozambique's gas fields, saying it wanted to ensure competition in the sector as quickly as possible.
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Sasol argues for extended gas monopoly
Sasol argued yesterday for an extended monopoly over gas transmission and distribution from Mozambique for at least 20-25 years instead of the 10 years granted it in the proposed Gas Bill, which will provide a legislative framework for the emerging industry. The bill acknowledged the exclusivity granted to Sasol by this agreement for the transmission and distribution of gas for 10 years after it is first received from Mozambique. But Sasol Oil GM said this was not sufficient for Sasol to meet its long-term contractual commitment to financiers, gas fields, the pipeline and customers.
However, this view, presented to the parliamentary committee of mineral and energy affairs, contrasted with that of Shell SA, which lobbied for more competition to be allowed in the industry and for the West Coast pipeline to be opened up immediately to third party competition.
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Worker dies in fire at Sasol refinery
Sasol spokesman Alfonso Niemand said last night a worker had died in a Natref crude oil refinery which caught fire yesterday morning. It was not yet known when the section of the refinery would be reopened.
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Trade in Sasol shares boosted by Opec
Shares in Sasol were among the top ten traded shares on the JSE yesterday, thanks to the world focus on Opec's meeting and the interest in the sale of up to a quarter of the company to a black empowerment consortium.
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IDC says investment in Sasol is long-term
The Industrial Development Corporation (IDC) insisted that it will not sell its stake in Sasol at a discount. Gert Gouws, chief financial officer of the IDC, said that his organisation would consider a market-related proposition for its interest in Sasol.
Mr Gouws was responding to the news that Powerlib, a black empowerment consortium which owned 75% of Exel, was seeking to acquire about 20% of Sasol. Eric Molefe, chairman of Exel and of Powerlib, said that he had approached the IDC and the PIC to acquire their holdings in Sasol. The PIC holds about 12% of Ssaol, while the IDC holds 8%.
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Sasol not in discussions with Exel Petroleum
Sasol denied newspaper reports of discussions with Exel Petroleum about the possible acquisition by them of a 25% stake in the Sasol group. Sasol is monitoring activities and, depending on the group's financing requirements, may consider a co-listing on an overseas exchange at some stage in the future.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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