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

Tech Companies Send Criticism Along With NSA-Related Data -- Update

04/02/2014 00:06:00
By Danny Yadron Technology companies including Google Inc. and Microsoft Corp. released new figures on the amount of data requests they received from U.S. ..

U.S. Hot Stocks: Hot Stocks to Watch

03/02/2014 14:07:00
Among the companies with shares expected to actively trade in Monday's session is Herbalife Ltd. (HLF). Herbalife Ltd. (HLF) raised its fourth-quarter outl..

Pfizer Study Meets Primary Endpoints

03/02/2014 13:05:00
Pfizer Inc. (PFE) said Monday that a Phase 2 trial of its advanced breast cancer treatment met its primary endpoint. Pfizer said a study comparing the effec..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Notice of the Annual General Meeting of EVRY ASA
2
iTalk: Inks M2M Medical Marijuana Distribution Deal
3
Lundin Mining to Release First Quarter 2014 Results Tuesday, April 29, 2014
4
NADL - Filing of Annual Report on Form 20-F
5
AerCap Sells Equity Interest in $750 Million Genesis Funding Limited Aircraft Securitisation Vehicle to Wood Creek

Related stock quotes

Euroinvestor around the globe: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
23 April 2014 12:48:37
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20140324.1 - EUROWEB4 - 2014-04-23 13:48:37 - 2014-04-23 12:48:37 - 1000 - Website: OKAY