IRAN: Sasol divests stake in petrochemical joint venture

As described in Sasol's most recent trading statement of 1 August 2013, the fair value of Sasol's investment in Arya was written down to R2.3 billion.  This was based on its assessment of the fair value of Arya as well as the accounting requirement to recognise operating profits of approximately R1.6 billion for the second half of the 2013 financial year.

Arya Sasol Polymers operates a 1-million-t/y ethane cracker, a 300,000-t/y low-density polyethylene plant and a 300,000-t/y high-density polyethylene plant in Iran's Pars Special Economic Energy Zone.

As a result of this transaction, Sasol has no on-going investment in Iran.Source: Sasol website, Johannesburg; 19 Aug 2013
(Syed Rashid Ali, Karachi, Pakistan)