Sasol Sells 30% Stake in ROMPCO Pipeline
South African integrated energy and chemical company Sasol has sold a 30% stake in the Republic of Mozambique Pipeline Company (ROMPCO) – an 865km natural gas pipeline linking Mozambique’s Pande and Temane fields to South Africa. The transaction is expected to come into effect in the second half of 2021.
Sold to a beneficiary vehicle owned by a consortium of companies – Reatile Group Proprietary Limited, and the IDEAS Fund – and managed by African Infrastructure Investment Managers Proprietary Limited the sale and purchase agreement remains subject to either a waiver or the enforcement of pre-emptive rights held by ROMPCO shareholders.
“The Sale Shares will, subject to certain adjustments, be sold for a consideration comprising an initial amount of R4,145 billion and a deferred payment of up to R1 billion payable if certain agreed milestones are achieved by 30 June 2024,” Paul Victor, Group Chief Financial Officer, Sasol said in a statement.
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