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DMEA COMPANIES DMEA

Sasol anticipates that South Africa will become with Sasol, will aim to establish supply chains for
a global hub for green hydrogen and its deriva- green ammonia using South Africa’s competi-
tives, such as ammonia and sustainable aviation tive resources with a goal of establishing a decar-
fuels, because of its excellent solar, wind and pre- bonised society,” Itochu said in a statement. ™
cious metals resources.
“Sasol is excited about our collaboration
with Itochu to unlock South Africa’s signifi-
cant potential as a large-scale producer of green
hydrogen and ammonia,” said Priscillah Mabe-
lane, Sasol’s executive vice president of energy
business.
“This marks yet another milestone in our
ambition to lead the energy transition in South
Africa through decarbonisation, while stimulat-
ing industrial development,” she added.
Hydrogen and ammonia play an important
role in the Japanese Green Growth Strategy and
are positioned as “new resources,” with Japan
being expected to become a large importer of
green ammonia in the future.
“Using this MoU as a platform, Itochu, jointly Representatives of Itochu and Sasol signed the MoU on September 2 (Photo: Sasol)

Sasol agrees to pay $24mn

compensation to US investors

AFRICA SOUTH Africa-headquartered petrochemicals securities between March 10, 2015 and January
firm Sasol has agreed to pay $24mn to settle a 13, 2020.
class claim by US investors who say the company In October 2019, Sasol’s joint chief execu-
understated the cost of its plant in their country. tives, Bongani Nqwababa and Stephen Cornell,
The suit was brought by US holders of Sasol left their positions as the company moved to
securities who proved that the company misled repair the damage caused by the poor execution
them by not fully disclosing the true cost of its of the project, costs of which rose from an initial
Lake Charles chemical plant project, Reuters $8.9bn in 2014 to as much as $12.9bn five years
reported on September 1. It cited a release on later, according to Reuters.
the website of US law firm Hagens Berman, A US district court gave a final order con-
which represented the investors who bought firming the settlement on August 19, according
New York- and Johannesburg-traded Sasol’s to the court documents.

Lake Charles petrochemical complex (Photo: Sasol)

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