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Sasol -- granting of options to director
Ms V N Fakude, executive director of Sasol was granted share options on 19 October 2005 to purchase 121 900 Sasol ordinary shares at a price of R219.50 per share after expiry of the option vesting periods of 2 years for one third of the shares, 4 years for the second third of the shares and 6 years for the last third of the shares. The total consideration payable by Ms Fakude for these shares is R26 757 050. These share options were awarded to Ms Fakude as a consequence of her appointment as an executive director of Sasol with effect from 1 October 2005.
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Sasol accused of butanol dumping
Sasol is being probed by the Chinese government following a complaint by three Chinese companies accusing Sasol of dumping butanol in their home market. According to Business Day, Beijing could impose antidumping duties on the South African company's price of butanol exports to China, should Sasol be found guilty of such activities.
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Sasol-Engen deal to leave 450 workers jobless
The Sasol-Engen deal might lead to the retrenchment of about 450 skilled people, should the competition authorities allow the merger between Sasol's liquid fuels business and Engen to go ahead. According to Business Day the estimated savings of the deal are expected to be between R3.6 billion and R4 billion, not taking into account additional operational synergies and capital investment savings. The Competition Commission already recommended approval of the deal, subject to certain conditions.
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Sasol submits proposal for GTL to Algeria
Sasol today announced that it is evaluating several new gas-to-liquids (GTL) and coal-to-liquids (CTL) opportunities over and above the ventures it is currently developing with partners in Qatar and Nigeria. One of Sasol's strategic growth drivers is the commercialisation of GTL & CTL. One such opportunity is in Algeria. The Algerian Ministry of Mines & Energy and Sonatrach, the Algerian national oil company, are soliciting bids for a 34 000 barrel per day GTL project at Arzew using potential gas reserves in the Tinrhert area. Sasol Chevron, the joint venture between Sasol and Chevron Corporation, headquartered in the USA, submitted a non-binding technical proposal at the end of September 2005. The Algerian authorities have set the middle of 2006 as the date for commercial submissions. Another opportunity is the USA. Recent changes to the USA"s Energy Policy Act resulted in renewed interest in CTL projects in the US. Sasol is currently in the early stages of evaluating several potential CTL ventures in the USA. Again, these studies are in pre-feasibility stage and Sasol has taken no decision whether or not to pursue any of these opportunities.
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Sasol may be forced to sell 13.6% stake in Natref
Sasol might be forced to sell a 13.6% stake in the Natref inland refinery, following a misunderstanding concerning Total's pre-emptive right of whether it wants to increase it's stake in the refinery or not. Total's decision not to exercise its option meant that the merged entity would have a larger share of fuel production in South Africa than the Competition Commission assumed it would have. Business Day noted that Total's expected increased stake in Natref was one of two possible remedies the commission assumed would take place. The other option was government's plan to build a new pipeline to transport fuel from the coast to inland regions which would in effect eliminate other fuel companies' reliance on Sasol for fuel supply inland. Opposing companies BP, Shell, Chevron and Total however dismissed these as inadequate to address their concerns over Uhambo's dominance in fuel production and retailing in South Africa.
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Competition Tribunal to decide on Sasol-Engen deal
The proposed merger between Sasol's liquid fuels division with Engen in order to form the largest fuel company in SA will be further scrutinised by the Competition Tribunal. According to Business Day this possible merger worth R33 billion could see Uhambo (as it will be known) control up to 48% of the countries fuel-production and 34% of the fuel retail market.
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