|
SASOL LIMITED - SASOL ADVANCES BEE OBJECTIVES
SASOL LIMITED
(Incorporated in the Republic of South Africa)
(Company registration number: 1979/003231/06)
Share code: SOL
ISIN Code: ZAE000006896
SASOL ADVANCES BEE OBJECTIVES
Following a scheduled hearing, the Competition Tribunal today unconditionally
approved the application to merge the businesses of Sasol Oil and Exel
Petroleum, effectively establishing the largest integrated liquid fuels business
in Southern Africa. The approval follows an in-depth analysis of the merger and
its potential impact on the local liquid fuels market by the Competition
Commission, who subsequently recommended unconditional approval to the Tribunal.
Exel, which was initiated by Sasol some years ago as an empowerment venture in
liquid fuels retailing, has developed with Sasol"s support and the drive and
innovative spirit of its black management into the most successful black
economic empowerment ("BEE") business in the fuel retailing sector. The
integration of Exel into the Sasol Liquid Fuels Business ("LFB") marks a
significant first step towards Sasol achieving its own strategic objectives
while fulfilling the requirements of the Liquid Fuels Charter. In terms of the
Charter 25% of all facets of the industry are to be owned by historically
disadvantaged South Africans by 2010. From Exel"s perspective, the merger will
give the company access to technology and capital for expansion and growth,
which will ensure its competitiveness and long-term sustainability.
The merged entity will incorporate all of the liquid fuels interests of both
companies and will encompass the entire value chain including crude oil
procurement and processing at the Natref refinery (in which Sasol holds a 64%
interest), the blending of products from Sasol"s synfuels refinery at Secunda
and the marketing and distribution of fuels in retail and commercial markets.
Clearly delighted with the speedy processing of the merger application (it was
submitted on 1 October this year) and the positive outcome, Sasol chief
executive Pieter Cox said, "We appreciate the excellent work done by the
competition Commission and are gratified by the confidence expressed in the LFB.
We are eager to prove that confidence well founded." Equally thrilled at the
Competition Tribunal"s approval, Exel chairman Jomo Sono says, "Today heralds
the start of a new era for the liquid fuels sector in South Africa. Exel has
been transformed instantly from the most successful black empowered fuel company
in South Africa into an integral component of South Africa"s biggest and most
competitive fuel company. I am proud that we have managed to secure a deal with
Sasol - a truly South African company whose roots and allegiance are to our
country. The future looks robust."
ends
For more information, please contact:
Johann van Rheede
Media Manager
Sasol Group Communication & Brand Management
Telephone: +27 (0)11 441 3295
Mobile: +27 (0) 82 329 0186
E-Mail johann.vanrheede@sasol.com
Sasol, with a market capitalization of approximately USD 9 billion, is an
integrated oil and gas group with substantial chemical interests. Based in South
Africa and operating in 15 other countries throughout the world, Sasol is the
leading provider of liquid fuels in South Africa and a major international
producer of chemicals, using a world leading technology for the commercial
production of synthetic fuels and chemicals from low grade coal. In the future
Sasol expects to apply this technology to convert natural gas to diesel and
chemicals. Sasol manufactures over 200 fuel and chemical products that are sold
in more than 90 countries and also operates coal mines to provide feedstock for
synthetic fuels and chemical plants. The company also manufactures and markets
synthesis gas and operates the only inland crude oil refinery in South Africa.
Internet address: www.sasol.com
Exel Petroleum (Proprietary) Limited ("Exel") is a wholly owned subsidiary of
Naledi Petroleum Holdings (Proprietary) Limited and has been partnered by Sasol
since its inception in 1997. The company has grown and prospered in the
intervening years, and currently operates 189 service stations across the
country together accounting for 3.7% of the petrol and 7.0% of the diesel
market. Turnover topped R2 billion (excluding levies) in 2002, while operating
profit amounting to R100 million is forecast for 2003.
Disclaimer - Sasol Ltd
We may in this document make statements that are not historical facts and relate
to analyses and other information based on forecasts of future results and
estimates of amounts not yet determinable. These are forward-looking statements
as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words
such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan",
"could", "may", "endeavor" and "project" and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive means of
identifying such statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific, and there
are risks that predictions, forecasts, projections and other forward-looking
statements will not be achieved. If one or more of these risks materialize, or
should underlying assumptions prove incorrect, actual results may be very
different from those anticipated. The factors that could cause our actual
results to differ materially from the plans, objectives, expectations, estimates
and intentions expressed in such forward-looking statements are discussed more
fully in our annual report under the Securities Exchange Act of 1934 on Form 20-
F filed on October 27, 2003 and in other filings with the United States
Securities and Exchange Commission. Forward-looking statements apply only as of
the date on which they are made, and we do not undertake any obligation to
update or revise any of them, whether as a result of new information, future
events or otherwise.
Date: 11/12/2003 09:38:03 AM Produced by the JSE SENS Department
|
|
