Sol -sasol Limited - Sasol Announces Reduction Of Its Economic Interest In The Release Date: 04/09/2008 16:03:28 Code(s): SOL
SOL -Sasol Limited - Sasol announces reduction of its economic interest in the
Escravos gas-to-liquids project
(Incorporated in South Africa)
Registration number: 1979/003231/06)
ISIN Code: ZAE000006896
Share Code: SOL
NYSE Code: SSL
Sasol announces reduction of its economic interest in the Escravos gas-to-
On 13 May Sasol reported that the capital cost of the Escravos gas-to-liquids
project (EGTL) under construction in Nigeria is expected to increase to
US$6 billion and that Sasol was reviewing all the factors that have an impact on
the project economics.
On 3 September, Sasol and Chevron, partners in the project entered into a heads
of agreement for Chevron to purchase an additional 27,5% in the EGTL project and
Sasol to reduce its economic interest in the EGTL project from 37,5% to 10%.
Definitive agreements will be finalised in due course and will be subject to the
relevant regulatory approvals.
As a result of the reduction in our economic interest, an impairment of R362
million was recognised in 2008 in operating profit (a net effect after tax of
R112 million) relating to interest previously capitalised on the capital
Lean Strauss, Group General Manager for Sasol`s International Energy Cluster
said: "Sasol remains fully committed to the EGTL project, which continues to
utilise our technology under license, by providing our full range of technical
and skills support."
4 September 2008
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Forward-looking statement disclaimer
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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
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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
registration statement under the Securities Exchange Act of 1934 on Form 20-F
filed on 21 November 2007 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: 04/09/2008 16:03:28 Supplied by www.sharenet.co.za
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