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Gas Bill gets go-ahead from government
The Gas Bill has received the go-ahead from the cabinet and the portfolio committee on minerals and energy. The bill covers the agreement between Sasol and the governments of South Africa and Mozambique for the planned $1.2bn gas pipeline.
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Sasol plans new corporate image
Sasol plans to rebrand the group. Sasol deputy chairman and CEO Pieter Cox said the move was driven by the belief that a strong global brand would contribute to the group's bottom line. He said that as a world-class company, it is essential that a clear, unified image is communicated to all stakeholders. Sasol brand manager Michell Strydom said the roll-out of the new 'monolitihic' identity would cost a substantial amount and would take about 15 months.
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Sasol - R1.2bn gas pipeline approved by cabinet
Three years of tough negotiations between SA, Mozambique and Sasol over the R1.2bn gas pipeline project inched towards conclusion as a cabinet committee recommended that the regulatory environment for the new project be approved. Sasol's board approved the project on 10 Sep 01. The cabinet will formally consider the agreement next week and the Mozambican government is expected to approve the project within a month.
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Sasol not planning more acquisitions soon
According to Sasol's CE, Pieter Cox, the group would first consolidate its interests in Condea, the German chemicals firm it bought for R8bn, before again hitting the purchasing path. He added that the firm would, however, continue looking for offshore opportunities to ensure future growth but it must be done at the right time, with a company which would suit it strategically. Condea, renamed Sasol Chemie, contributed R204m to operating profit for the four months to Jun 01. Cox said Sasol would continue to seek a co-listing on either the New York or London stock exchange by the end of 2002, to make its shares more accessible to foreigners and ensure investors aligned it more closely with its peers rather than with emerging market stocks.
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Sasol to enter retail fuel market
Pieter Cox, CE of Sasol announced that the group planned to roll out a network of branded service stations in 2004 to capture 10% to 15% of the SA retail fuel market. He said that this would be done in partnership with one or more black economic empowerment players. The move would replace the current set-up under which Sasol had its own branded blue pumps on the forecourts of stations operated by other retailers, but otherwise had a very small presence in the branded retail fuel sector. Exel, with which Sasol is already in partnership, would be considered as a potential partner in Sasol's retail expansion. He said an existing agreement between Sasol and other oil companies, which keeps Sasol out of the mass retail market, is due to expire at the end of 2003.
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