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PETRONAS, SASOL, ENGEN, WORLDWIDE AND TSHWARISANO SIGN DEFINITIVE AGREEMENTS TO CREATE SOUTHERN AFRICA’S LARGEST LIQUID FUELS BUSINESS
Petronas International Corporation Limited (PICL), a wholly-owned subsidiary of Malaysia’s state oil company Petroliam Nasional Berhad (”Petronas”), has signed definitive agreements with South Africa’s listed energy and chemical company, Sasol Limited (”Sasol”), Worldwide African Investment Holdings (Pty) Limited (”Worldwide’) (through its wholly owned subsidiary Afric Energy Resources (Pty) Limited (”AER”)) and a Sasol black economic empowerment (”BEE”) entity, Tshwarisano LFB Investment (Pty) Limited (”Tshwarisano”) to combine Sasol’s Liquid Fuels Business (”Sasol LFB”) and Engen Limited and its subsidiaries (”Engen”) in a new liquid fuels joint venture, Uhambo Oil Limited (”Uhambo”). Uhambo means “a journey” in both IsiXhosa and IsiZulu. (more…)
MLNG TIGA SIGNS AGREEMENT TO SELL ADDITIONAL LNG TO KOREA GAS CORPORATION
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), a subsidiary of PETRONAS, today signed an agreement with Korea Gas Corporation (KOGAS) to supply up to 2.82 million tonnes of liquefied natural gas (LNG) to KOGAS commencing from October 2004 to April 2008. The first cargo of 60,000 tonnes was delivered to KOGAS on 8 October.The new volume is an addition to the existing two million tonnes per annum (mtpa), seven-year supply agreement signed between the two parties in 2003.
The LNG is being supplied from the MLNG Tiga plant located at the PETRONAS LNG Complex in Bintulu, Sarawak and will be delivered to KOGAS’ receiving terminals in Incheon, Pyeong Taek and Tong Young in South Korea via tankers owned and operated by Malaysia International Shipping Corporation Bhd (MISC), another subsidiary of PETRONAS. (more…)
PETRONAS, SASOL, ENGEN, WORLDWIDE AND TSHWARISANO SIGN DEFINITIVE AGREEMENTS TO CREATE SOUTHERN AFRICA’S LARGEST LIQUID FUELS BUSINESS
Petronas International Corporation Limited (PICL), a wholly-owned subsidiary of Malaysia’s state oil company Petroliam Nasional Berhad (”Petronas”), has signed definitive agreements with South Africa’s listed energy and chemical company, Sasol Limited (”Sasol”), Worldwide African Investment Holdings (Pty) Limited (”Worldwide’) (through its wholly owned subsidiary Afric Energy Resources (Pty) Limited (”AER”)) and a Sasol black economic empowerment (”BEE”) entity, Tshwarisano LFB Investment (Pty) Limited (”Tshwarisano”) to combine Sasol’s Liquid Fuels Business (”Sasol LFB”) and Engen Limited and its subsidiaries (”Engen”) in a new liquid fuels joint venture, Uhambo Oil Limited (”Uhambo”). Uhambo means “a journey” in both IsiXhosa and IsiZulu.Transaction Details
Sasol, Petronas, AER, Tshwarisano and Engen have signed a share-for-share exchange agreement, which regulates the steps involved in forming this joint venture. This agreement has been concluded in addition to a shareholders’ agreement regulating the relationship between the joint venture’s shareholders. A Component Supply Agreement (”CSA”) between Sasol Synfuels (Pty) Limited (”Sasol Synfuels”, a Sasol subsidiary) and Sasol Oil (Pty) Limited (”Sasol Oil”) has been updated and a brand licence agreement regulating the use of Sasol brands has also been agreed between Sasol, Uhambo and PICL.
In addition, an intellectual property agreement regulating the terms and conditions of the transfer of technology and the right to use intellectual property currently held by Sasol Technology (”Sastech”, a subsidiary of Sasol) has also been agreed between Sasol Synfuels, Sastech, Uhambo and PICL. (more…)