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Sasol to commercialise Gabon oil field
Sasol is to begin commercial development in Nov '02 on its offshore oil field, Etame Field in Gabon, in which it holds a 30% stake. Oil production from the project has exceeded expectation, producing over 14 500 barrels of high-quality crude oil per day. Company CE, Pieter Cox, is considering whether to increase production from the facility.
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Sasol to restructure
Sasol has announced its intention to restructure. It will seek the approval of its board early in 2003 to get the go ahead for these plans. It also intends to get approval to initiate a trust fund to finance a black empowerment deal to establish a new liquid fuel division.
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Sasol to increase size of gas plant
Sasol and its partner, Qatar Petroleum, are planning to triple the size of a planned gas plant in the Persian Gulf. The cost of this proposal could amount to almost USD2bn. The plant will be the first in the country to convert natural gas into liquid petroleum products, and is due to open in 2005. It will have a capacity of 34 000 barrels per day. The companies need USD700m to fund the project and are considering bids from banks for loan funding.
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Sasol begins new listing process
Sasol has begun proceedings to delist from the Nasdaq stock market and list on the New York Stock Exchange early in 2003. The company has plans to expand its operations in Africa and the Middle East with joint ventures in Nigeria and Qatar. Their Gabon operation has exceeded expectations and is producing 14 500 barrels of crude oil per day. South African operations are producing 200 000 barrels of synthetic fuel per day and are also involved in producing a gas pipeline between South Africa and Mozambique with a value of USD1.2bn.
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