Sasol’s sale of 16 air separation units (ASUs), located in Secunda, South Africa, to Air Liquide has been approved by the Competition Tribunal.
Confirming the news on Monday (14th June), the duo said the approval was received subject to various conditions relating to future ownership of the ASUs.
Such conditions include joint procurement of renewable power up to 900MW, decarbonisation investments by Air Liquide and adhering to various commitments on Broad-Based Black Economic Empowerment.
The above will be in addition to offered support for localisation and small, medium, micro and black owned enterprises.
Welcoming the approval, Fleetwood Grobler, President and CEO of Sasol, said, “We are pleased to officially welcome Air Liquide as one of Sasol’s partners in Sasol’s decarbonisation journey.”
“This transaction is a significant contributor to us achieving our accelerated and expanded asset disposal programme targets, executed in line with our balance sheet, shareholder value and strategic objectives.”
In line with the terms of the agreement, the transaction will close within ten business days with the total proceeds of the aggregate of R5.5bn and €14.8m (to be settled in US Dollars) at closing.