Sasol divest from its operations in Iran

Sasol to divest from its operations in Iran

10:38 PM, 1st December 2011
Sasol to divest from its operations in Iran

JOHANNESBURG, SOUTH AFRICA: South African petrochemicals group Sasol said it had entered talks to potentially divest from its operations in Iran, a move already flagged in October.

Sasol had said to the U.S Securities and Exchange Commission last month that there was a possible risk that sanctions may be imposed on the company by the United States, the European Union and the United Nations as a result of its investments in Iran.

This would stem from sanctions on Iran over its nuclear programme, which Tehran said is for peaceful purposes but the United States and its allies fear is aimed at producing nuclear weapons.

"We previously announced our intention to review our investment in Iran and we have subsequently entered into discussions to potentially divest our stake in Arya Sasol Polymers Company," said Christine Ramon, chief financial officer

Sasol has a 50 per cent stake in Arya Sasol Polymer company, a joint venture with Pars Petrochemical Company of Iran. The venture produces ethylene and polyethylene, which are used in the production of plastics.

Sasol Ltd. is involved in mining, energy, chemicals and synfuels. In particular, they produce petrol and diesel profitably from coal and natural gas using Fischer-Tropsch process. The company has factories at Sasolburg and Secunda (Secunda CTL) and has taken a stake in projects under construction in Qatar (Oryx GTL), Iran (Arya Polymers) and Nigeria (Escravos GTL). Sasol senior officials are also from time to time involved in senior level negotiations with their China counterparts with the view on establishing a chemical plant in China, being the fastest growing economy in the world.

 

© WOC News

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