JOHANNESBURG – Sasol (JSE: SOL, NYSE: SSL) has agreed principle terms to sell its 50 percent interest in the Gemini high-density polyethylene joint venture to its partner INEOS for US$404 million.
“This divestment continues the transformation of Sasol’s Chemicals business toward specialty chemicals markets,” said Fleetwood Grobler, Sasol President and Chief Executive Officer. “We are pleased that our valued partner INEOS is acquiring Sasol’s share of the Gemini HDPE JV and appreciate our productive partnership over the past six years.”
Gemini is a toll manufacturer of bimodal high-density polyethylene products operated by INEOS and located within the INEOS Battleground Manufacturing Complex in La Porte, Texas.
The transaction, subject to financing and other customary adjustments, is targeted to close by the end of calendar year 2020. It will consolidate 100 percent of Gemini ownership and all marketing under INEOS.
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