South Africa approves merger of Sasol Oil and Exel

Dec 11, 2003 01:00 AM

The Competition Tribunal approved the merger of Sasol Oil and Exel Petroleum, allowing for the creation of the largest integrated liquid fuels business in southern Africa, Sasol said. Exel is an empowerment venture initiated by the oil and chemicals group.
The integration of Exel into Sasol marks a significant step towards Sasol achieving its own strategic objectives while fulfilling the requirements of the Liquid Fuels Charter, the group said.

In terms of the charter 25 % of all facets of the industry are to be owned by historically disadvantaged South Africans by 2010. From Exel's perspective, the merger will give the company access to technology and capital for expansion and growth, which will ensure its competitiveness and long-term sustainability.
The merged entity will incorporate all of the liquid fuels interests of both companies and will encompass the entire value chain including crude oil procurement and processing at the Natref refinery (in which Sasol holds a 64 % interest), the blending of products from Sasol's synfuels refinery at Secunda and the marketing and distribution of fuels in retail and commercial markets.

Source: I-Net Bridge
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