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Sasol welcomes new partner
On 8 November 2013, Sasol’s partner, Talisman Energy Inc (Talisman), announced that it had reached an agreement to sell part of its Montney acreage in northeast British Columbia to Progress Energy Canada Ltd (Progress Energy) for a total cash consideration of CAD1.5 billion. In terms of Sasol's existing agreement with Talisman, Sasol has a right to match the Progress Energy bid, also known as a right of first refusal, within 30 days of the notice from Talisman, which was received effective 18 November 2013.
Sasol has evaluated this opportunity taking into consideration, among others, its other available investment opportunities and has taken the decision not to exercise its right of first refusal. Sasol welcomes Progress Energy as its new partner and looks forward to forging a solid working relationship in the development of the Montney Basin shale gas assets. Progress Energy is a wholly owned subsidiary of Malaysian national oil and gas company, Petroliam Nasional Berhad (PETRONAS), with which Sasol has a longstanding relationship.
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Sasol appoints independent non-executive director
Sasol announced that it has appointed Mr Bongani Nqwababa as independent non-executive director with effect from 5 December 2013.
Mr Nqwababa will also serve as a member of Sasol's Audit Committee.
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Sasol appoints new group executive
Sasol announced the appointment of Stephen Cornell as the newest member of its management team. Cornell is currently the Chief Operating Officer for US Fuels and Global Head of Major Projects at BP plc. Reporting directly to Sasol’s Chief Executive Officer, David Constable, Cornell will be appointed as Sasol's Executive Vice President: International Operations, with effect from 1 February 2014, based in Houston.
In November 2013, the new Group Executive Committee ("GEC") structure was announced, which will be effective from 1 July 2014. At the time, Sasol indicated that given the growing importance of its international businesses, particularly in the United States, a focused operations position at the GEC level had been created. In the context of Sasol’s redesigned operating model, this role will be accountable for the group’s operations outside of Southern Africa, including Sasol’s US mega-projects in Lake Charles, Louisiana.
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