Go Back Email this Link to a friend


Sasol Limited - Sasol Advances Bee Objectives

Release Date: 11/12/2003 09:38:00      Code(s): SOL
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 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.