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Sasol to sell stake in U.S chemicals business to LyondellBasell for $2 billion

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South African petrochemicals firm Sasol said on Friday chemical company LyondellBasell Industries N.V. had agreed to acquire a 50% stake in its Lake Charles Chemical Project (LCCP) Base Chemicals Business for $2 billion.

said on Friday chemical company LyondellBasell Industries N.V. had agreed to acquire a 50% stake in its Lake Charles Chemical Project Base Chemicals Business for $2 billion.

The world’s top manufacturer of motor fuel from coal has been battling high debt and lower oil and chemicals prices, prompting it to search for a partner at its U.S Base Chemicals Business and issue up to $2 billion of shares. “The transaction will represent a significant step towards achieving Sasol’s strategic and financial objectives by materially reducing net debt, and catalysing a rapid shift towards the future Sasol strategy,” the company said.

The value of the assets was $3.9 billion and recorded a loss of $2.3 billion for the year ended June 30, Sasol said.

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