Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 81
Segment
Investment in Republic of Mozambique Pipeline
Investment Company (Pty) Ltd (ROMPCO)
Central Térmica de Ressano Garcia S.A. (CTRG)
Canadian shale gas assets
US Base Chemicals Assets
Secunda Operations Air Separation Units
Other
Gas
Gas
Gas
Chemicals America
Fuels and Chemicals Africa
Chemicals America, Chemicals Eurasia,
Chemicals Africa, Fuels and Mining
Liabilities in disposal groups held for sale
Segment
Investment in Republic of Mozambique Pipeline
Investment Company (Pty) Ltd (ROMPCO)*
Central Térmica de Ressano Garcia S.A. (CTRG)
Canadian shale gas assets
US Base Chemicals Assets
Secunda Operations Air Separation Units
Other
Gas
Gas
Gas
Chemicals America
Fuels and Chemicals Africa
Chemicals America, Chemicals Eurasia,
Fuels and Mining
6 085
3 034
1 181
–
–
5 951
–
–
71 001
5 675
331
1 641
10 631
84 268
(1 771)
(1 109)
(824)
–
–
(2 604)
–
–
(2 425)
(38)
(2)
(464)
(3 706)
(5 531)
* Reduction relates mainly to debt repaid during the year.
SASOL LIMITED GROUP
CONSOLIDATED FINANCIAL STATEMENTS
Disposal groups held for sale
Assets in disposal groups held for sale
2020
Rm
Refer to notes 17, 18, 20, 29 and 33 for disposal groups transferred to held for sale.
Significant disposal groups held for sale in 2021
Sasol concluded a sale and purchase agreement in terms of which it agreed to dispose of a 30% interest in ROMPCO. Sasol will
retain a 20% shareholding in ROMPCO and will continue to operate and maintain the pipeline in terms of the commercial agreement
between Sasol and ROMPCO. Sasol’s interest in ROMPCO will be sold for a consideration comprising an initial amount of
R4,145 billion and a deferred payment of up to R1 billion payable if certain agreed milestones are achieved by 30 June 2024. Two of
the existing shareholders, the South African Gas Development Company Limited (iGas) and Companhia Moçambicana de Gasoduto
S.A.R.L. (CMG), have recently exercised their pre-emptive right to acquire 30% of Sasol’s equity in ROMPCO. The sale will therefore
now be concluded with iGas and CMG. This process is well underway, and will be subject to a few conditions precedent, including the
standard regulatory approvals. It is expected that the sale will become effective during the second half of calendar year 2021.
Central Térmica de Ressano Garcia S.A. (CTRG)
Sasol entered into a Sale Securities Purchase Agreement for the divestment of our full shareholding in CTRG, the gas-to-power plant
located in Ressano Garcia, Mozambique. The transaction is subject to a number of conditions precedent. The assets and liabilities of
CTRG were classified as held for sale at 30 June 2021. The divestment is expected to be concluded in the next 12 months.
Canadian shale gas assets
Sasol signed an agreement to divest of all our interests in Canada. The transaction closed on 29 July 2021. R521 million, (CAD 45
million) of the previous impairments was reversed at 30 June 2021 to measure the carrying value of the disposal group at its fair
value less cost to sell.
SASOL LIMITED COMPANY
Investment in Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO)
Significant disposal groups held for sale in prior periods
US Base Chemicals Assets
On 17 March 2020, we announced as part of the response plan that we would explore the potential for partnering options at our
Base Chemicals assets in the US. This process has seen strong global interest and is now at an advanced stage and a number of
non-binding offers were received coupled with the decision to undertake a partnering process. The assets and liabilities relating
to our Base Chemicals portfolio within Sasol Chemicals USA were classified as disposal groups held for sale at 30 June 2020. An
impairment of R72,6 billion (US$4,2 billion), has been recognised, reducing the carrying value of the disposable asset down to its fair
value less cost to sell.
OTHER
12
2021
Rm
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June
79
Sasol Annual Financial Statements 2021