Sasol Moves On Iranian Sell-off

Sasol is making progress, “albeit slower than initially anticipated,” in the sale of its 50% share in Iranian polymer producer Arya Sasol Polymer, Sasol Chief Financial Officer Christine Ramon told analysts recently. Sasol has signed a memorandum of understanding with an unnamed buyer, Ramon said. The South African firm has been seeking a buyer for its stake in Arya Sasol since late 2011. Sasol took a $233 million loss because of costs associated with the venture in the second half of 2012, and Ramon warned that it may accrue further costs by the time the venture is divested.