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JOHANNESBURG, South Africa, Sept. 4 /PRNewswire-FirstCall/ -- 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 expenditure.
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."
Sasol Investor Relations team
Tel.: +27 11 441 3113 / 3563 / 3321
investor.relations@sasol.com
About Sasol:
Sasol is an integrated oil and gas company with substantial chemical
interests. Based in South Africa and operating worldwide, Sasol is listed on
the NYSE and JSE stock exchanges. We are the leading provider of liquid fuels
in South Africa and a major international producer of chemicals. Sasol uses
proprietary Fischer-Tropsch technologies for the commercial production of
synthetic fuels and chemicals from low-grade coal and natural gas. We
manufacture more than 200 fuel and chemical products that are sold worldwide.
In South Africa we also operate coal mines to provide feedstock for our
synthetic fuels plants. Sasol operates the only inland crude oil refinery in
South Africa. The group produces crude oil in offshore Gabon, supplies
Mozambican natural gas to end-user customers and petrochemical plants in South
Africa, and with partners involved in gas-to-liquids fuel joint ventures in
Qatar and Nigeria. Internet address: http://www.sasol.com
Disclaimer - Forward-looking statements
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 registration
statement under the Securities Exchange Act of 1934 on Form 20-F filed on
November 21, 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.
SOURCE Sasol Limited
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