Sasol's Lake Charles Chemicals Plant in the US. Picture: SUPPLIED
Sasol intends to sell the stake to existing partner INEOS Olefins and Polymers, which operates the toll manufacturing facility in La Porte, Texas, with the parties setting a target date for concluding the transaction of the end of December.bimodal high-density polyethylene products, which are used in pipelines and film.
At a general meeting preceding the Sasol AGM on Friday afternoon, 99.4% of shareholders voted for the deal to go ahead.Sasol has grappled with delays and enormous cost overruns at the US project, which has stretched the company balance sheet. In the face of Covid-19 and low oil and chemicals prices, Sasol has accelerated efforts to cut costs and dispose of assets in a bid to avoid a potential $2bn rights issue.
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