All data is delayed
See More

Sasol may divest from Iran unit

Nov 30 2011 17:42

Company Data

Sasol Limited [JSE:SOL]

Last traded 396
Change 4
% Change 1
Cumulative volume 147284
Market cap 0

Last Updated: 21-10-2016 at 10:31. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Sasol plans R40bn capex over next 2 years

Sasol, miners query climate change plan

Sasol expects 45% higher earnings

Johannesburg - Petrochemicals group Sasol [JSE:SOL] said on Wednesday it had entered talks to potentially divest from its operations in Iran, a move already flagged in October.

Sasol had said in a filing to the US 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 says is for peaceful purposes but the United States and its allies fear is aimed at producing nuclear weapons. Sasol has a stock market listing in New York.

"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," chief financial officer Christine Ramon said in a statement.

Sasol has a 50% 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.

Britain began evacuating diplomatic staff from Iran on Wednesday and warned of serious consquences for the Iranian government, one day after protesters stormed the British Embassy in the most violent incident yet as relations rapidly deteriorate.

Britain last week banned all its financial institutions from any dealings with Iran, including its central bank, after a report by the UN's International Atomic Energy Agency suggested Iran may have worked on developing a nuclear arsenal.
sasol  |  iran  |  sanctions


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote