South African group Sasol intends to divest assets worth US$1billion, including shale gas in Canada, in order to focus on exploration and production in Mozambique and in West Africa and in the fuel retail business in South Africa, said the financial director of the group.
Paul Victor, cited by the international press, said that the Canadian assets have a book value of US$513 million, and the group is interested in disposing of over US$500 million in other assets that are not considered essential to its activity.
Sasol’s financial director said this asset sale plan will be published in detail in February 2018.
In Mozambique, the group operates the Pande and Temane natural gas fields, in Inhambane province, which are linked to South Africa by an 865-kilometre gas pipeline to the city of Secunda.
In addition to oil prospecting, the South African group is also involved in Mozambique in the Ressano Garcia Power Plant, a Natural gas-fired plant located on the border between the two countries.
The Ressano Garcia Power Plant is a partnership between Mozambican state power company Electricidade de Moçambique (EDM – 51%) and the South African group with the remaining 49%. (macauhub)