Sasol sells Mozambique gas- to-power plant for $145m

This follows it selling half its holding in Lake Charles Chemicals Project in Louisiana, for $2 billion.
Image: Waldo Swiegers/Bloomberg

Chemicals group Sasol has sold its Mozambique gas- to-power plant Central Termica De Ressano Garcia S.A. (CTRG) to Azura Power for $145 million (R2.1 billion).

In a statement, Sasol says this transaction is part of its “ongoing, strategy aligned, asset divestment programme.” The disposal of CTRG follows its sale of a 50% stake in its newly-completed Lake Charles Chemicals Project in Louisiana, for $2 billion to LyondellBasell, a global chemicals and plastics producer a few weeks ago.

It has also sold its 50% interest in the Gemini high-density polyethylene joint venture, in Texas, to its partner INEOS for$404 million and interest in the Etame Marin offshore block in Gabon $44 million to VAALCO Gabon S.A. in November.

The group says its CTRG sell off is not a done deal as it needs the nod from Mozambiquean authorities, for the plant based in Ressano Garcia.

“The transaction is subject to a number of conditions precedent, which includes regulatory approval and the waiver of pre-emption rights held by Electricidade de Mocambique, the Mozambican state-owned electricity company.”

The conclusion of the deal will also “be subject to any relevant closing adjustments, including those in relation to working capital.”

Sasol says it remains fully committed to upstream operations in Mozambique, which continue to be integral to Sasol’s strategy.

Sasol

AUTHOR PROFILE

VIDEOS

COMMENTS   5

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

Economic realities are forcing Sasol to part with their most valuable assets. If they can find a buyer for it, they will sell it. It is clear that nobody is interested in the debt, the brand, the Head Office, the management team and the board of directors.

I meant Sasol, not Eskom, but it is valid for both, come to think of it.

Sasol – snatching failure from the jaws of victory. What happened to the most innovative technology company on the African continent?

Answers on a stamped postcard to the Zondo Commission …

“… the most innovative technology company on the African continent?”

It was up there with the DuPont technologies but it not inconceivable it was “syphoned“ of its talent and eventually by China of its I.P that crippled it

Light bulbs for candles…

Guys, it is a gas power plant – hardly innovative. You should be more worried about the loss of skills in core technologies like Fischer Tropsch.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: