Sasol Mulls Sale of Stake in Gulf Coast Chemical Plant

As oil prices hit historic lows, South Africa-based integrated chemicals and energy firm Sasol is examining options to shed its stake in a $13 billion Lake Charles chemical facility in Louisiana, sources told Bloomberg this week. 

The American news organization reported that the company is looking for an industrial partner to acquire its minority stake by June, but sources said Sasol will also consider the formation of a joint venture. 

Bank of America has been drafted to help Sasol find a buyer, Bloomberg’s coverage said. 

The 400-acre Lake Charles chemical complex consists of seven manufacturing units that produce specialty chemicals and ingredients for personal care products like shampoo and cosmetics, according to information on the company’s website. The company is also building a world-scale ethane cracker capable of producing 1.5 million tn/yr of ethylene near the Lake Charles site. 

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