Sasol CEO David Constable
Photo by: Duane Daws
Petrochemicals giant Sasol has completed its exit from Iran, announcing on Monday that it had found a buyer for its Arya polymer business, which it flagged for divestment in 2011.
The Johannesburg-based group sold its 50% stake in the Arya Sasol Polymer Company – a joint venture with Pars Petrochemical Company – to Main Street 1095, a South African subsidiary of an Iranian investor for an undisclosed amount.
“As a result of this transaction, Sasol has no ongoing investment in Iran,” it said in a statement.
In late 2011, Sasol entered into talks to divest from its operations in Iran, which is in a dispute with the West over its nuclear programme.
Sasol recently lowered the fair value of its investment in Arya by another R1.6-billion. The write-down was in addition to the impairment of R1.9-billion recognised on December 31, reducing the carrying value of the investment over the financial year by R3.6-billion to R2.3-billion.