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Sasol Reduces Economic Interest in Escravos GTL Project, Sells to Partner Chevron
6 September 2008
Sasol has reduced its economic interest to 10% in the 34,000 bpd Escravos gas-to-liquids (EGTL) project, one of its two major GTL projects outside of South Africa, Oryx GTL (34,000 bpd) in Qatar being the other.
On 13 May Sasol had 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 finalized in due course and will be subject to the relevant regulatory approvals.
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.
—Lean Strauss, Group General Manager for Sasol's International Energy Cluster
September 6, 2008 in Brief | Permalink | Comments (1) | TrackBack (0)
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Posted by: Henry Gibson | September 10, 2008 at 08:18 PM
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It is unfortunate that a leader in coal to liquid fuels has been forced to sell its interest to a company that has no interest in promoting alternative sources of liquid fuels. ..HG..