11/03/2013 10:48:00

Sasol In Talks With Buyer For Its Iran Operation-CEO

Related content
10 Apr - 
New Research Coverage Highlights Golden Star Resources,..
12 Mar - 
Analysis: Positioning to Benefit within Sasol, Honda Mo..

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

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

21/02/2018 15:25:10
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: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Pomerantz Law Firm Announces the Filing of a Class Action against Myriad Genetics, Inc. and Certain Officers – MYGN
2
Jostens Unveils North Dakota State University Championship Rings and Fan Jewelry Collection
3
We sat down with Canadian millennial entrepreneur, Logan McLellan, to discuss the importance of using social media in modern day business
4
SYNACOR SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Synacor, Inc. - SYNC
5
Straus Family Creamery’s Sustainability Programs Signal Pioneering Organic Company’s Continued Innovation

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.
 
21 April 2018 20:13:39
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20180417.1 - EUROWEB7 - 2018-04-21 21:13:39 - 2018-04-21 20:13:39 - 1000 - Website: OKAY