Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Sasol denies fuel station sale plan

Sasol Energy Centre

Sasol has denied that it plans to sell off its downstream fuel retail business, saying that it was instead committed to expanding this work in South Africa.

The company has 11% of the retail market, it said.

“Although we are regularly approached by interested parties to acquire or partner with us in the retail network space, we are not in discussions with any such parties to divest or partner in our downstream fuel retail business,” said Sasol’s chief financial officer Paul Victor.

“While recent events have created significant short-term challenges, we are confident our business is fundamentally robust and we have a clear pathway to resume value creation.”

The official went on to say Sasol was focused on improving margins through finding higher value markets. “This means both organic retail growth, by increasing our retail site development and conversion of sites to the Sasol brand, and possible small-scale acquisitions,” Victor said.

Reports have emerged this week that South Africa’s Central Energy Fund (CEF) was in talks with Sasol on a potential acquisition of fuel stations. The CEF also issued a response to the claims saying these were “malicious”.

The CEF’s chairperson Monde Mnyande talked recently of investing in the energy chain at a committee meeting for Mineral Resources and Energy. He referenced assets at Sasol as being for sale, but the CEF said that it had not announced negotiations with the chemicals company for fuel stations.

The company’s statement shed no more light on what it did intend to offer for sale. Disposals would be in line with its strategic objectives and shareholder value, based on a “comprehensive asset review process”, which it began in November 2017.

There has been “good interest” in the potential acquisition of a number of its assets, Sasol said, saying that it would provide timely updates on progress.

Sasol warned that its headline earnings per share was expected to decline 20% in the financial year ending in June from the previous year. Results are due to be released in mid-August.

The South African company warned that while it was working to respond to the impact of coronavirus and the low oil price, the outcome of its plan may have a material impact on its share price. Sasol’s plan includes saving cash but also selling off assets and a potential rights issue of up to $2 billion.

Recommended for you

More from Energy Voice

Latest Posts