Sasol is pleased to announce that on December 31, 2020, he successfully completed the sale of 50% of the Gemini High Density Polyethylene (Gemini HDPE) joint venture with his partner, Inex Group, for $404 million.

The consideration of USD 404.1 million was paid through a combination of cash and debt relief. The related debt financing and guarantee framework has been successfully restructured and Sasol and its subsidiaries are no longer obliged to provide further guarantees. Cash proceeds from the transaction were received on December 31, 2020 and will be used by Sasol to repay short-term debt.

Grobler, President and CEO of Sasol “This sale continues to drive the transformation of Sasol’s chemicals business into the specialty chemicals market,” he said in a previous press release “We are pleased that our valued partner, INEOS, has acquired Sasol HDPE in gemininini For the shares in the joint venture, we are grateful for a fruitful partnership over the past six years.”

Gemini is a contract manufacturer of bimodal HDPE products Manufactured by INEOS, Inc. (INEOS) at the INEOS Battleground Manufacturing Complex in La Porte, Texas.

The sale consolidates Geminini’s 100% INEOS and INEOS ownership of all marketing operations.