11/03/2013 10:48:00

Sasol In Talks With Buyer For Its Iran Operation-CEO

Related content

By Devon Maylie

JOHANNESBURG--Sasol Ltd. (SSL) Monday said the company is in talks with a buyer for its Iran business as the company continues to prioritize investment in the U.S.

Sasol, the world's largest producer of motor fuels from coal, has a 50% stake in Arya Sasol Polymer Co., a $900 million Iranian petrochemical project. The company said last year it was putting the business up for sale.

Chief Executive David Constable told Dow Jones Newswires Monday the company now has a buyer and entered into talks last month to finalize the deal. He wouldn't provide more details.

"Strategically it didn't make sense to stay," Mr. Constable said.

Sanctions from the U.S. and Europe against Iran and the resulting devaluation of the currency led to the company to take a 3 billion rand ($327.6 million) writedown on the Iranian business in the first six months of its financial year ended Dec. 31.

At the same time, the company has placed more of its growth strategy in the U.S. Sasol is building a two-phase gas-to-liquids plant in Louisiana, which will produce 96,000 barrels of diesel and other fuels a day when it is completed. The final investment decision is still about two years off for the whole project, Mr. Constable said.

To help fund the Louisiana-based project, Sasol said it may issue another dollar-based bond later in the year.

Write to Devon Maylie at devon.maylie@dowjones.com

Order free Annual Report for Sasol Ltd.

Visit http://djnweurope.ar.wilink.com/?ticker=US8038663006 or call +44 (0)208 391 6028

Order free Annual Report for Sasol Ltd.

Visit http://djnweurope.ar.wilink.com/?ticker=ZAE000006896 or call +44 (0)208 391 6028

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

March 11, 2013 06:48 ET (10:48 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Man Group PLC : Form 8.3 - [UBM plc] - Amendment

22/01/2018 14:52:32
Amendment to cash-settled derivatives positions and transactions, sections 2(a) and 3(b). FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: ..

Boussard & Gavaudan Investment Management LLP : Form 8.3 - UBM Plc

22/01/2018 13:22:35
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a)  Identity of the person whose positions/dealings are being disclosed: Boussard & Gavaudan Investment Manage..

Dimensional Fund Advisors Ltd. : Form 8.3 - Tesco Plc - Ordinary shares

22/01/2018 10:54:08
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser:   Dimensional Fund Advisors Ltd. ("Dimensional"), in its capacity ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
PacketFabric Announces Scalable Connectivity to Multiple Cloud Service Providers
2
Pulse Larsen Antennas will showcase its RAZORBACK, ARMADILLO, FIN, PANTHER, JAGUAR, DISC antenna series. Available in black and white, with three mounting types (direct, adhesive and magnet).
3
Genmab Announces Novartis’ Intention to Transition Arzerra® (ofatumumab) from Commercial Availability to Limited Availability via Compassionate Use Programs for the Treatment of CLL in Non-US Markets
4
West’s Unified Communications Services Attains Cisco Powered Cisco Spark Service Provider Designation
5
Canadian Nanosatellite Launch from China Heralds New Era of Satellite Services

Related stock quotes

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2018   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
23 January 2018 00:20:02
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20180122.2 - EUROWEB5 - 2018-01-23 01:20:02 - 2018-01-23 00:20:02 - 1000 - Website: OKAY