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Sasol expands interests in Equatorial Guinea
Sasol Petroleum International (SPI) has reached an agreement with Atlas Petroleum International, to assume a 20% interest in Block H in the Rio Muni Basin of Equatorial Guinea. Roc Oil of Australia would remain technical partner with a 60% interest and Atlas and SPI would hold 20% in cash. The agreement is subject to the final approval by the government of Equatorial Guinea. SPI has also negotiated a seismic option agreement with Atlas Petroleum International on its I and J Blocks close to Bioko Island. On conclusion of the seismic programme and evaluation, SPI will have the option to take up to 50% equity in the Blocks and assume the role of technical partner.
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Sasol Chevron in talks to buy gas from Royal Dutch
Royal Dutch/Shell group and its partners in the Gorgon Gas fields, are in talks with Sasol Chevron and other energy companies to sell them gas from the R2.2bn field off the coast of West Australia. Sasol Chevron is a venture between Johannesburg based Sasol and San Francisco based ChevronTexaco.
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Sasol signs USD1.3bn gas-to-liquids deal
The agreements between the Nigerian National Petroleum Corporation, Chevron Nigeria, and Sasol Chevron Holdings will release the technology engineering services and engineering support to take the project to the next phase: engineering procurement and construction. This is due to the formal initiation of the USD1.3bn Escravos gas-to-liquids plant through the signing of the key technology agreements with Sasol. When completed, the Escravos gas-to-liquids plant will make Nigeria one of the leading countries in gas-to-liquids production worldwide. First production from Escravos is expected early in 2006.
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Sasol stock downgraded
Sasol share prices fell on 17 Apr 02 after brokerage house Credit Suisse First Boston (CSFB) downgraded its recommendation on the stock, but raised its 2002 earnings estimate. The share dipped 3.7% to close at R125 and was the JSE's most traded stock. SCFB analyst Paul Carter upped his 2002 estimate by 12% to R15.58, but downgraded his recommendation on the share to a sell from a buy following a significant rise in the price. Another analyst said that he saw fair value for the share at R126 in the long term. Sasol has outperformed the overall market by 11% since the beginning of 2002.
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Sasol in partnership with Japanese consortium
Sasol Technology has formed a partnership with a Japanese Engineering consortium to build the slurry phase Fischer-Tropsch reactors for Sasol's new generation gas to liquids plants. Sasol said the consortium included two internationally respected companies, Ishikawajima Harima Heavy Industries, and Nissho Iwai Corporation, both of Tokyo.
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Sasol deal would not have gone through
The Reserve Bank would not have approved the R2.5bn financing transaction by Deutsche Bank for Sasol, if all the details were properly disclosed. Chris Grove, the deputy head of exchange control at the Reserve Bank, told the commission that Deutsche Bank had failed to provide full details of the Sasol deal, as well as of structured finance deals for Nampak and M-Cell. However, none of the transactions would have contributed to the Rand's rapid depreciation at the end of 2001.
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Sasol's asset swap approved by Reserve Bank
The corporate asset swaps that Deutsche Bank arranged for Sasol, M-Cell and Nampak were done to fund offshore investments and had the Reserve Bank approval. The three deals were worth about R3bn (experts have testified that turnover in the Rand forex markets averages about USD6bn and USD10bn a day.) Finance executives of the three companies emphasised that the deals were designed to be neutral for SA's foreign exchange reserves and did not cause capital to flow out of the country. Proceeds of Sasol's EUR340m asset swap, implemented by Deutsche in Feb 2001, were used to refinance part of the debt the group incurred in its EUR1.3bn purchase of Condea. Sasol finance GM Andre Coetsee said Sasol had no knowledge of any hedging Deutsche did related to the asset swap transaction.
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Sasol/Deutsche asset swap deal under scrutiny
The commission of inquiry into the Rand's rapid depreciation at the end of 2001 will try to determine whether an asset swap deal executed by Deutsche Bank on behalf of Sasol was done within SA Reserve Bank requirements. Sasol described Sacob CE, Kevin Wakeford's claims as inaccurate, and Sasol and Deutsche Bank denied collusion to drive the Rand lower in an attempt to increase Sasol's share price. Andre Coetsee, the group finance manager for Sasol, told the commission that in terms of the Deutsche bank asset swap structure, Sasol's offshore subsidiary (Sasol International Holdings), loaned Deutsche Bank 38.4m shares in exchange for R2.5bn during Feb 2001. Deutsche Bank in Johannesburg then sold the shares to Deutsche Bank in London for Euro350m (R3.46bn) a few days later. The Euro350m was then transferred to Sasol's offshore account. The Reserve Bank could call on Sasol to refinance the deal if any of Deutsche Bank's shares had been sold back to SA investors.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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