Bloomberg News

Sasol Starts Review of Iran Operations; Plans No Expansion

October 12, 2011

(Adds venture with Iranian company in second paragraph.)

Oct. 11 (Bloomberg) -- Sasol Ltd., the largest producer of motor fuels from coal, said it’s reviewing its Iran operations and has no plans to expand in the Middle Eastern nation.

Sasol, which reported the decision in an Oct. 7 U.S. Securities and Exchange Commission filing, owns 50 percent of Arya Sasol Polymer Co. Johannesburg-based Sasol’s partner is Pars Petrochemical Co. of Iran, a subsidiary of state-owned National Petrochemical Co. of Iran.

The European Union said yesterday it has expanded sanctions against Iran, citing “serious human rights violations in that country.” EU foreign ministers added 29 officials linked to the government of president Mahmoud Ahmadinejad to a list of people facing visa bans and asset freezes. The U.S. also maintains sanctions against the country, including measures designed at curbing trade with Iran.

Sasol and Pars Petrochemical operate a plant designed to produce 1 million metric tons of ethylene, which can also be converted into polyethylene. Ethylene and polyethylene are used in the production of automotive antifreeze and plastic. Sasol also imports crude oil from Iran to South Africa.

Jacqui O’Sullivan, a Sasol spokeswoman, said she couldn’t immediately comment.

--Editors: John Viljoen, Stephen Cunningham

To contact the reporter on this story: Jana Marais in Johannesburg at jmarais@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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