Petrochemicals giant Sasol announced on Wednesday its intention to sell its indirect interest in the Nigeria-based Escravos gas-to-liquids (EGTL) plant to US-based major Chevron. The transaction amount has not yet been disclosed.
Sasol will remain a technical partner to Chevron as it will continue to support the operator in the performance of the EGTL plant through catalyst supply as well as technical and technological assistance.
The announcement comes after Sasol accelerated its asset disposal program in March this year. Other sale processes such its interests in the Republic of Mozambique Pipeline Investment Company pipeline and the Central Termica de Ressano Garcia gas-fired power plant in Mozambique are currently ongoing.
The company said it could eventually sell up to $2 billion of its shares to ensure it has capacity to pay large debts following the oil price decrease and worries around the COVID-19 outbreak.