UANI

"S. Africa - Engen, Sasol stopped imports." (Bloomberg, "Iran Oil Output May Drop By 950,000 Barrels By July, IEA Says," 4/12/2012)

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"Although cellphone giant MTN is refusing to pull out of Iran, petrochemicals giant Sasol is working hard to exit the Islamic republic that has been placed under sanctions by the United States and the European Union because of its nuclear programme. Sasol has stopped buying Iranian crude oil and its spokesperson, Jacqui O’Sullivan, confirmed this week that Sasol’s talks with potential buyers to off-load its Arya Sasol Polymers plant in Iran were progressing. Sasol Oil used to procure a relatively small amount of Iranian crude, about 12 000 barrels a day, roughly 20% of the company’s crude requirement for processing at its Natref refinery in Sasolburg... 'We’ve stopped the purchases because of sanction fears. In terms of the polymer plant, we’re looking to divest, but talks with buyers are still at an early stage and we cannot say anything until it’s at an advanced stage,' O’ Sullivan said. 'We’re working hard to try to conclude things within a decent time period. Those talks are ongoing and involve a number of business and government stakeholders.'... Sasol voiced fears during the past year that the US government, the EU and the United Nations could impose sanctions on the company because of its chemicals investments in Iran. 'In view of recent developments regarding trade restrictions and oil sanctions against Iran, the Sasol Group is diversifying its crude-oil sourcing to mitigate risks associated with oil supply disruptions from the Middle East,' David Constable, Sasol Oil chief executive, said on March 12, announcing the company’s interim results for the six months ending December 2011. In a US Securities and Exchange Commission filing last November, Sasol said: 'We continue to evaluate the risks and implications of these sanctions on our investments in Iran. However, we cannot assure you that, as a result of these sanctions, our activities in Iran would not be adversely impacted and there would not be a material adverse impact on our business, operating results, cash flows and financial condition.' Sasol is a 50% owner in Arya Sasol Polymer with Iran’s state-owned National Petrochemical Company. Pars Petrochemical, a wholly owned subsidiary of the company, is also a partner in the joint venture and supplies ethylene, which is used as a raw material for the chemical industry, or polymer plants... Arya Sasol Polymer has been battling to some extent. In the latest interim results, the company said the Iranian plant had a capacity utilisation rate of 81%." (Mail & Guardian, "Sasol's plans to quit Iran under way," 4/9/2012)

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"South Africa's Sasol Ltd. is starting to diversify oil sources away from Iranian imports, it said Wednesday, as pressure from the U.S. and European Union mounts... Sasol, the world's largest producer of motor fuels from coal, relies on Iranian oil imports for about 20% of its crude requirement, or 12,000 barrels a day, at its Natref refinery. 'In view of recent developments regarding trade restrictions and possible oil sanctions against Iran, Sasol Oil is diversifying its crude oil sourcing,' a company spokeswoman said, declining to give further details... Along with Sasol, which not only imports Iranian oil but also has a 50% share in a $900 million Iranian petrochemical project, South Africa's flagship telecommunications company MTN Group Ltd. has a joint venture in Iran... Sasol, which has U.S. interests, announced late in 2011 that it started preliminary discussions to exit its venture in Iran on concerns U.S. sanctions could hurt its business. On Wednesday, the company reiterated that those talks are ongoing and are taking place with a number of business and government partners." (The Wall Street Journal, "South Africa's Sasol to Avoid Iran Oil," 1/25/2012)

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"Among the results so far, Angola's state-owned energy company, Sonangol, is considering pulling out of an Iranian gas deal, and Sasol Ltd. of South Africa says it is discussing whether to divest itself of its 50% share in a $900 million Iranian petrochemical project... Sasol, one of South Africa's biggest companies by market capitalization, reiterated recently that it is considering an exit from its petrochemical project in Iran, largely because it feared being targeted by sanctions from the U.S., Europe and the United Nations. Sasol declined to comment on the timing or reason for the move." (The Wall Street Journal, "U.S. Looks to Africa to Squeeze Iran," 1/23/2012)

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"South African petrochemicals group Sasol said on Wednesday it had entered talks to potentially divest from its operations in Iran, a move already flagged in October. Sasol had said in a filing to the U.S Securities and Exchange Commission last month that there was a possible risk that sanctions may be imposed on the company by the United States, the European Union and the United Nations as a result of its investments in Iran.This would stem from sanctions on Iran over its nuclear programme, which Tehran says is for peaceful purposes but the United States and its allies fear is aimed at producing nuclear weapons. Sasol has a stock market listing in New York. 'We previously announced our intention to review our investment in Iran and we have subsequently entered into discussions to potentially divest our stake in Arya Sasol Polymers Company,' chief financial officer Christine Ramon said in a statement. Sasol has a 50 percent stake in Arya Sasol Polymer company, a joint venture with Pars Petrochemical Company of Iran. The venture produces ethylene and polyethylene, which are used in the production of plastics." (Reuters, "UPDATE 1-Sasol says may divest from Iran unit," 11/30/2011) 

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"South African petrochemicals group Sasol (SOLJ.J: Quote, Profile, Research, Stock Buzz) fears that the United States might impose sanctions on it due to its investments in Iran, the Business Day newspaper reported on Tuesday. Sasol, the world's top maker of motor fuel from coal, said in a filing with the U.S. Securities and Exchange Commission on Friday that it was concerned Washington's Iranian Transactions Regulations posed a risk to its operations, the paper said. "There are possible risks posed by the potential imposition of U.S. economic sanctions in connection with activities we are undertaking in the polymers field, as well as feasibility studies relating to a potential ammonia-urea project at Assaluyeh in Iran," the paper quoted the company as saying. The regulations are part of the pressure being put on Tehran over its nuclear programme, which Washington suspects has military aims although Iran says its purpose is to produce electricity. While the regulations restrict transactions between U.S. persons and Iran, Sasol was worried that because of its status as a multinational, the regulations might apply to entities associated with it, including U.S. employees and investors, Business Day said." (Reuters, Sasol fears US sanctions for Iran business," 10/13/09)

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Listed by the U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the Internet in July 2007)