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Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Sasol to sell Escravos gas-to-liquids plant to Chevron

Reuters
·1 min read

July 1 (Reuters) - South African petrochemicals giant Sasol said on Wednesday it would sell its indirect interest in the Escravos gas-to-liquids (EGTL) plant in Nigeria to Chevron for an undisclosed sum.

The world's top manufacturer of motor fuel from coal said it would continue to support Chevron in the performance of the EGTL plant through ongoing catalyst supply, technology and technical assistance.

The company said other sale processes, including its interests in the Republic of Mozambique Pipeline Investment Company pipeline and Central Termica de Ressano Garcia gas-fired power plant in Mozambique, are well underway.

In March, Sasol had accelerated its asset disposal programme and said that it could sell up to $2 billion of its shares to ensure that it can pay its debt following a slump in oil prices and fears over the coronavirus outbreak. (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Amy Caren Daniel)