Sasol to sell 30% stake in Mozambique's Rompco in $364M deal

  • Sasol (NYSE:SSL) agrees to sell a 30% stake in the Republic of Mozambique Pipeline Investments Co. for up to 5.145B South African rand ($364M) to a consortium of African-based investment firms.
  • Sasol will retain a 20% shareholding in Rompco and continue to operate and maintain the pipeline; the South African and Mozambican governments each own 25% stakes.
  • The deal is part of an asset sale program intended to help Sasol reduce borrowings that expanded amid cost overruns at its U.S. chemicals project.
  • Sasol recently agreed to sell its 49% stake in a gas-fired power plant in Mozambique for $145M.

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