Johannesburg – Sasol is looking to sell a large stake in its R246 billion chemical complex in the US. The South African energy producer has decided to move to shore up finances aid a historic route in the oil market.
Sasol hired the services of the Bank of America to help with finding a buyer for a minority stake in the Lake Charles chemical project. The company previously indicated that it was considering a partial sale of its US-based chemicals business to avoid a last-resort rights issue.
The chemical company would prefer to find an industrial partner for the stake and would probably structure a deal as a joint venture. Their goal is to reach a deal by June.
The move to find a buyer puts in the spotlight Sasol’s need for cash as it is currently struggling with debt taken on to develop the Lake Charles complex in Louisiana, which was initially seen as a way to become a global operator and diversify away from oil.