Sasol appoints RBM to advise on BEE equity ownership strategy

12 May '06

2 min read

Sasol announced that it had appointed Rand Merchant Bank (RMB), a division of FirstRand Bank, to advise on its black economic empowerment (BEE) equity ownership strategy and the implementation of a further major BEE transaction or transactions.

Trevor Munday, Sasol's deputy chief executive, said: “Sasol is committed to transformation and sustainable black economic empowerment. We are pleased with our broad-based BEE equity ownership successes in our liquid fuels and mining businesses and want to further advance, what for us at Sasol, is a strategic and moral imperative. RMB's involvement will assist in this critical initiative which aims to achieve an outcome that will meet the ambitions and requirements of all Sasol stakeholders.”

Sizwe Nxasana, CEO of FirstRand Bank and Michael Pfaff CEO of RMB, said: “We are looking forward to working with Sasol. The RMB team has been involved in many groundbreaking BEE transactions and is well placed to advise and assist Sasol.”

This foresight resulted in Sasol being positioned to commercialize its technology offshore as evidenced by the recent inauguration of the world's largest gas-to-liquid (GTL) plant in Qatar in a joint venture between Sasol and Qatar Petroleum, with further major investments in this and other locations likely to follow.

Sasol has also previously announced that it is far-advanced in negotiationspotentially to construct coal-to-liquid ((CTL) facilities in China, also utilizing its technology.

Sasol

More Sasol News...