{"id":1469,"date":"2021-06-28T15:52:58","date_gmt":"2021-06-28T15:52:58","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=1469"},"modified":"2021-06-28T15:02:09","modified_gmt":"2021-06-28T15:02:09","slug":"sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline","title":{"rendered":"SA and Mozambique exercise rights to raise stakes in Rompco pipeline"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/mozambique\">Mozambique<\/a>. <\/strong><\/span>SA and Mozambique exercised their pre-emptive rights to increase stakes in Sasol\u2019s Republic of Mozambique Pipeline Investments Company (Rompco) gas pipeline, which runs between the countries, displacing an earlier deal.<\/p>\n<p>The state-owned Gas Development Company (iGas) and Mozambique\u2019s Companhia Mocambicana de Gasoduto (CMG), plan to acquire a 30% share of the line valued at R4.1bn, according to a statement on Sunday.<\/p>\n<p>Sasol had agreed in May to sell the stake to a group including a unit of financial services firm Old Mutual in a transaction that was subject to the waiver or exercise of pre-emptive rights by the shareholders.<\/p>\n<p>\u201cA greater participation in this asset will be an important step\u201d in the co-operation between the nations around energy, \u201cas well as bolstering the region\u2019s transition to a low-carbon economy\u201d, Ayanda Noah, chair of the Central Energy Fund that manages iGas, said in the statement.<\/p>\n<p>SA depends on coal to generate most of its electricity and ranks as the world\u2019s 12th-biggest producer of greenhouse gases. The nation\u2019s energy plans include the procurement of power from sources including renewable technologies and natural gas.<\/p>\n<p>Sasol owned 50% of the 865km Rompco pipeline that transports the fuel from deposits in Mozambique to its operations in SA. The sale began last year as the chemical and fuel maker accelerated asset sales to pay down debt.<\/p>\n<p>The company did not immediately respond to questions sent outside normal business hours.<\/p>\n<p>State subsidiaries iGas and CMG have each held a 25% stake that will increase to 40% upon conclusion of the deal, with Sasol holding the remaining 20%.<\/p>\n<p>\u201cThe transaction will be fully funded from past and future dividends generated by Rompco itself,\u201d the statement reads.<\/p>\n<p>CEF group CEO Ishmael Poolo said there was a concerted effort to fast track the acquisition of these shares.<\/p>\n<p>\u201cThis is a hallmark of the group\u2019s investment strategy in the energy value chain-geared to reignite the SA economy and create much-needed jobs.\u201d<\/p>\n<p>Poolo said the deal also furthers the mandate held by iGas for the development of gas and gas infrastructure in Southern Africa.<\/p>\n<p>The sale will aid Sasol\u2019s ongoing debt reduction efforts. The group had previously indicated that it intended to raise $400m-$500m with asset sales by year-end.<\/p>\n<p>Sasol\u2019s debt predicament during the early stages of the outbreak of the Covid-19 pandemic had briefly raised the possibility of the group raising as much as $2bn in a rights issue, which has since been shelved after a stronger-than-anticipated performance in the six months to end-December last year.<\/p>\n<p>Sasol closed up 1.68% at R226.48 on Friday in strong volumes. The share has gained more than 70% in value over a year, and increased tenfold since tapping out at a multiyear low of about R21 in March last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mozambique. SA and Mozambique exercised their pre-emptive rights to increase stakes in Sasol\u2019s Republic of Mozambique Pipeline Investments Company (Rompco) gas pipeline, which runs between the countries, displacing an earlier deal. The state-owned Gas Development Company (iGas) and Mozambique\u2019s Companhia Mocambicana de Gasoduto (CMG), plan to acquire a 30% share of the line [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":1467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[233,281,283],"class_list":["post-1469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SA and Mozambique exercise rights to raise stakes in Rompco pipeline - Mozambique<\/title>\n<meta name=\"description\" content=\"SA and Mozambique exercised their pre-emptive rights to increase stakes in Sasol\u2019s Republic of Mozambique Pipeline Inves ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SA and Mozambique exercise rights to raise stakes in Rompco pipeline\" \/>\n<meta property=\"og:description\" content=\"SA and Mozambique exercised their pre-emptive rights to increase stakes in Sasol\u2019s Republic of Mozambique Pipeline Inves ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-28T15:52:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/06\/img-60d9e45a6e761.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SA and Mozambique exercise rights to raise stakes in Rompco pipeline\",\"datePublished\":\"2021-06-28T15:52:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline\"},\"wordCount\":472,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/06\/img-60d9e45a6e761.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sa-and-mozambique-exercise-rights-to-raise-stakes-in-rompco-pipeline\",\"name\":\"SA and Mozambique exercise rights to raise stakes in Rompco pipeline - 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