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Sasol purchases outstanding interest in Schumann
Sasol announced that it had agreed in principle to purchase the outstanding 33% interest in Schumann Sasol International Aktiengesellschaft (Schumann Sasol) from its joint venture partners VARA Holding of Germany. The purchase consideration is for Euro49m with effect from 1 Jan 02. Finalisation of the share transfer is subject to regulatory and board approvals. Schumann Sasol will then become a wholly owned subsidiary of Sasol. Schumann Sasol manufactures and markets a comprehensive range of waxes and liquid paraffins, and has operations located in Germany and SA, and marketing arms in the USA and Malaysia. The products are supplied primarily to the candle making, rubber, chipboard, cup coating, cosmetics, dust prevention, polish, hot melt adhesives, ink and PVC extrusion industries.
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Sasol may take its technology to China
Sasol confirmed that it was in talks with a number of Chinese companies about exporting its coal-to-liquid fuel technology to the People's Republic. One company that the Sasol named was the Shenhua Group, a Chinese energy group whose operations include a large scale coal mining company, trading and transport divisions, as well as the Shenhua Yisiqi power utility. Sasol's talks with the Chinese firms have centered on the possible sale of its technology, which can be used to convert coal into petrol, diesel and a number of petrochemicals. If an attractive deal can be set up, Sasol may supply investment and technology to form a joint venture with a Chinese partner. Robin Turner, Sasol Coal's GM for marketing, said that he was aware that talks with Shenhua were continuing, but as yet no firm agreement had been reached.
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Sasol and IDC unravel R520m fibre firm
Sasol and the IDC will liquidate their R520m acrylic fibres joint venture, after the government turned down their request for tariff protection. The liquidation will result in the loss of 260 skilled jobs at the Durban-based operation. Sasol announced in 2001 that it was seeking a buyer for its 50% share, after having written off R111m because of the impairment of the plant and the related assets at the joint venture. Propsective buyers had made their offers conditional upon suitable tariff protection being granted.
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