Sasol has agreed principle terms with its partner in the Gemini high-density polyethylene joint venture, INEOS, to sell 50% of its interest for $404 million.
The transaction is to close by the end of 2020 and it is subject to financing and other customary adjustments. It is to consolidate 100% of Gemini ownership and all marketing under INEOS. Gemini is a toll manufacturer of bimodal high-density polyethylene products operated by INEOS and located withing the INEOS Battleground Manufacturing Complex in La Porte, Texas.
Sasol President and Chief Executive Officer, Fleetwood Grobler said, “This divestment continues the transformation of Sasol’s Chemicals business toward specialty chemicals markets. We are pleased that our valued partner INEOS is acquiring Sasol’s share of the Gemini HDPE JV and appreciate our productive partnership over the past six years.”
ENI CEO MEETS NOC CHAIRMAN
The Chairman of the National Oil Corporation of Libya (NOC), Mustafa Sanallah, held a discussion with the Chief Executive Officer of Eni, Claudio Descalzi, on the resumption of significant projects that have been halted due to funding shortfalls.
The meeting addressed the ways to maintain production rates in onshore and offshore fields, to increase the country’s capacity and to support the Libyan energy sector at all levels.
The progress made in the offshore project A and E, to increase the rates of gas production in Bahr Al-Salam in the future and secure the local market’s supplies of gas were also discussed.
Italian oil and gas giant, Eni, reiterated their commitment to its operational activities and projects in Libya and the company voiced its support for the initiatives of the NOC.