Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 80
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SASOL LIMITED GROUP
Operating and other activities continued
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Disposals and scrapping continued
Interest in Gemini HDPE LLC
The divestment of our 50% equity interest in the Gemini HDPE LLC successfully closed on 31 December 2020. Sasol recognised a
profit on disposal of R683 million and a corresponding gain on reclassification of foreign currency translation reserve of R246 million.
Gabon oil producing assets
The sale of Sasol’s 27,8% working interest in the Etame Marin block offshore Gabon (producing asset with proven reserves),
as well as Sasol’s 40% non-operated participating interest in Block DE-8 offshore Gabon (exploration permit) was concluded
on 25 February 2021 and 4 May respectively. Sasol recognised a profit on disposal of R145 million and a corresponding gain on
reclassification of foreign currency translation reserve of R132 million.
Share in Enaex Africa
The sale of 26% of Sasol’s 49% interest in Enaex Africa (Pty) Ltd to Afris Subco (Pty) Ltd, resulting in a loss of R115 million. After the
transaction, Sasol’s remaining interest in Enaex Africa (Pty) Ltd is 23%.
Significant disposals and scrappings in prior periods
Investment in Sasol Huntsman GmbH & co KG
The divestment from our 50% equity interest in the Sasol Huntsman maleic anhydride joint venture was concluded on
30 September 2019, resulting in a profit on disposal of R936 million, including the reclassification of the foreign currency translation
reserve of R475 million.
Explosives business
Sasol has concluded the transaction to sell a 51% share in the explosive business to Enaex, and on 1 July 2020, Enaex Africa in
association with Sasol, officially started operating in South Africa and on the African Continent. Sasol recognised a loss on the
disposal of R46 million.
Sasol Wilmar Alcohol Industries
The sale of Sasol's share in Sasol Wilmar Alcohol Industries was concluded in December 2019, resulting in a profit on disposal of
R47 million, including the reclassification of the foreign currency translation reserve of R56 million.
Escarvos GTL (EGTL)
Sasol sold its indirect beneficial interest in EGTL plant in Nigeria to Chevron. The transaction released Sasol from associated company
guarantees and other obligations. A profit on disposal of R705 million was recognised, including the reclassification of the foreign
currency translation reserve of R268 million. Sasol will continue to support Chevron in the performance of the EGTL plant through
ongoing catalyst supply, technology and technical support.
Heat Transfer Fuels (HTF) business
In 2019, we disposed of our HTF business with the producing assets located within the Marl facility in Germany.
Lake Charles Chemicals Project
In 2019, we scrapped R682 million (US$48 million) of cost incurred on the LCCP, mainly relating to rework required. Refer note 10.
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Sasol Annual Financial Statements 2021