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The Sasol chemicals group sold its gas-to-power plant in Mozambique Central Termica De Ressano Garcia SA (CTRG) to Azura Power for $ 145 million (R2.1 billion).
In a statement, Sasol says this transaction is part of its “ongoing asset divestment program, aligned with strategy.” CTRG’s sale follows the sale of a 50% stake in its recently completed Lake Charles chemicals project in Louisiana for $ 2 billion to LyondellBasell, a global producer of chemicals and plastics a few weeks ago.
It also sold its 50% stake in the Gemini high-density polyethylene joint venture in Texas to its partner INEOS for $ 404 million and the stake in the Etame Marin offshore block in Gabon for $ 44 million to VAALCO Gabon SA in November. .
The group says its sale of CTRG is not a closed deal, as it needs the go-ahead from Mozambique authorities for the Ressano Garcia-based plant.
“The transaction is subject to a series of precedent conditions, including regulatory approval and waiver of pre-emptive rights held by Electricidade de Mocambique, Mozambique’s state power company.”
The conclusion of the agreement will also “be subject to relevant closing adjustments, including those related to working capital.”
Sasol says it remains fully committed to upstream operations in Mozambique, which continue to be an integral part of Sasol’s strategy.
