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Tepco wants to end Sasol deal
Shepherd Shonhiwa, CE of Tepco, said that Tepco will continue to seek an end to the restrictive supply agreement under which Sasol sells fuel to oil companies, despite the resolution of a row over payment with Sasol. Ironically, Sasol had earlier wanted to exempt Tepco from all the provisions of the agreement, but the initiative was blocked by the other oil companies.
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Sasol to benefit from weak Rand and high oil price
Analysts believes the weak rand and strong oil prices will result in an 80% increase in Sasol's HEPS for the year to Jun 01. Sasol's results will be published next week.
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Sasol and Tepco reaches agreement
Sasol and Tepco had reached an 'amicable' agreement over a R63m fuel supply dispute. Both firms declined to give details of the settlement plan. Tepco CE Shepherd Shonhiwa said the agreement did not affect a probe by the Competition Commission on Sasol over allegations of abuse of local fuel supply.
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Sasol continues its search overseas
Sasol is considering an overseas acquisition following the R2.9bn takeover earlier this year of Condea, the German chemicals group. A Sasol spokesman has confirmed that Sasol was actively looking at potential overseas acquisitions but that "nothing is imminent". Sasol is believed to be looking in Europe and in North America, but would favour Germany as it would be easier to extract synergies by running a business alongside Condea.
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Sasol and state still at odds over draft bill
The deadlock between Sasol and the department of minerals and energy over key aspects of the draft gas bill - aimed at regulating the nascent gas industry - continued despite intensive one-on-one negotiations between officials of both parties. Sasol is particularly concerned about the bill's proposed definition of a pipeline used for gas distribution as having a "general operating pressure of more than two bar gauge and less than 15 bar gauge". This is because Sasol has invested heavily in high pressure, 30 bar, transmission lines linked directly to large customers or small distribution areas such as industrial parks through low pressure, six bar, distribution pipelines. S asol has claimed that by defining a 15 bar upper gauge, the department is discriminating "unfairly" against it for having historically developed a 30 bar distribution network.
But the department said it had specified the 15 bar upper pressure limit to "close the loophole" that transmission companies could use to avoid their obligations of granting access to third party competitors.
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Sasol / Chevron reach milestone in joint venture
Sasol and Chevron reached a milestone in the development of a gas-to-liquid fuel plant at Escravos in Nigeria. The go-ahead had been given for advanced engineering and design on the project.
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Sasol's Natref refinery on track for mid October
Sasol was on target to have the Natref refinery in Sasolburg up and running by the middle of Oct 01.
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RAH expected to take 30% in Sasol cluster
RAH is expected to announce that it is taking a 30% interest in ChemCity, a cluster of chemical companies in the Sasolburg area. The deal is expected to be one of the most important empowerment initiatives launched by Sasol. Sasol holds 42% of ChemCity, with Gensec holding 28%. A further development is expected soon, when Dow Chemicals, which bought SA's Sentrachem, also becomes a partner in the cluster. Dow is currently discussing the possible merger of its operations in Sasolburg with those of Sasol through ChemCity. The negotiations are likely to lead to RAH having a 30% stake, Sasol 30%, Dow 20% and Gensec 20%.
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Sasol stopped supplying products to Tepco
CE of the black empowerment oil company Tepco, Shepherd Shonhiwa, confirmed that Tepco has stopped receiving supplies of petroleum products from Sasol. Tepco is poised to lodge a formal complaint with the Competition Commission over the supply agreement with Sasol, by which a certain proportion of fuel supplies needs to be purchased from Sasol's inland refineries. Tepco has had problems with this, as most of its market for fuel is at the coast. Tepco has also objected to Sasol's speedy payment requirements. While large oil companies may have no problem with the contracts, they cause real difficulties for Tepco, which is a small empowerment company without the resources of its multinational competitors.
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Sasol plans joint venture with Lurgi
Sasol and German metallurgy technology firm Lurgi Metallurgies announced that they planned a joint venture to develop synthetic gas. The aim of the venture is to combine the intellectual property and vast experience of the two parties in the field of gasification of coal and related feedstock other than natural gas, for the production of synthesis gas and other products.
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Sasol accepts Tepco payment plan
Tepco and Sasol are involved in a legal dispute over R75m which Tepco owed for petroleum products sold to the empowerment company. Tepco is defending the case. Tepco stopped payments to Sasol in May 01 and resumed in Jul 01. According to Shepherd Shonhiwa, Tepco's CE, Tepco had paid R20m to Sasol and the outstanding amount now stood at less than R63m. Sasol has been given a payment plan for the next six months, which they indicated they would accept.
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Tepco to take Sasol to Competition Commission
Tepco oil company, chaired by Tokyo Sexwale, is to take Sasol to the Competition Commission, arguing that the oil-from-coal giant's supply agreements are an obstacle to black empowerment. Shepherd Shoniwa, CE of Tepco, confirmed the company would ask the commission to probe supply deals under which Sasol sells fuel to other oil firms. Sasol also launched legal action against Tepco to recover R75.7m owed "in respect of petroleum products sold and delivered" to the black empowerment firm, plus interest.
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Sasol sues empowerment company
Sasol has started legal proceedings against empowerment oil company Tepco in a case said to centre on a row over supply. The minerals and energy department said it was closely watching the dispute between Sasol and Tepco as it wished to ensure empowerment companies were favourably treated to ensure their profitability. The department was ready to mediate between the two sides, if asked to.
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Sasol and Petromoc in joint venture
Sasol announced a joint venture with Mozambique's state fuel retailing company, Petromoc. The new enterprise called Petromoc e Sasol plans to develop 20 service stations in Mozambique within the first five years of its operation, at an estimated cost of more than $12m. The company will market petrol, diesel, illuminating kerosene and lubricants to motorists through its service stations, and also directly to commercial customers. Sasol and Petromoc will hold 49% and 51% respectively of the shares in the new entity. Both shareholders will contribute service stations, undeveloped business sites and cash as investment in the joint venture.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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