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Sasol granted tax incentive
Sasol has won an appeal against the government's decision not to grant the company a tax incentive under the Strategic Industrial Project (SIP) scheme. The SIP scheme aims to help companies lower the cost of investing in large industrial projects in South Africa. Sasol had applied for the incentive in order to reduce the cost of its acrylates. The plant, which will cost R2.1bn, is expected to create 13 786 jobs.
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Sasol and Afrox sign LPG agreement
Afrox and Sasol have signed an agreement in which Sasol will supply Afrox with liquid petroleum gas (LPG) in a contract worth R300m over the next three years. The agreement follows the expiry of the oil industry agreement at the end of last year. This enables Sasol to supply petroleum products direct to the market.
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Sasol and PNB agree principles
On 6 Feb 04, Sasol announced that Sasol and Petronas, were in discussions concerning the merger of their respective interests in Sasol's Liquid Fuels Business and Engen in a joint venture to create a leading South African liquid fuels business. They have now agreed the principles of this merger of equals. Together with their BEE partners, the former Exel shareholders and Worldwide African Investment Holdings, and other interested parties, they aim to reach definitive agreements within the next few months.
It is envisaged that the merger will be effected by way of a joint venture in which the partners will each have an equal 37.5% interest and in which BEE partners (both existing and new) will hold a combined 25%.
Shareholders are advised that the outcome of the discussions between the partners and the BEE shareholders in Engen and Sasol's Liquid Fuels Business, if successfully concluded, may have a material effect on the price of Sasol's securities. Accordingly, shareholders are advised to exercise caution when dealing in Sasol's securities until a further announcement is made. Further announcements will be made in due course.
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Sasol issues a cautionary
Sasol and Petroliam Nasional Berhad (Petronas) of Malaysia are in discussions regarding a possible partnership involving their respective liquid fuels interests in Southern Africa. If these discussions progress satisfactorily, further announcements will be made. Holders of Sasol securities are accordingly advised to exercise caution when dealing in Sasol securities.
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