Sasol Ltd. (SSL) Awarded Damages Against Transnet

Transnet SOC Limited (Transnet), through its business unit Transnet Pipelines, transports crude oil for both Sasol Oil (Pty) Ltd (NYSE: SSL) and TotalEnergies Marketing (Pty) Ltd (TotalEnergies) from Durban to the Natref crude oil refinery located in Sasolburg. Sasol Oil and TotalEnergies hold 63,64% and 36,36% respectively of the shares in Natref.

In 2017, Sasol Oil followed TotalEnergies in instituting legal action against Transnet for damages arising from Transnet's breach of its obligation to set pipeline tariffs for conveyance of crude oil in terms of an agreement that had been entered into between the parties in 1991. The result of the breach was that Transnet overcharged Sasol Oil for the conveyance of crude oil over a number of years.

The litigation between the parties has been ongoing for years and a number of issues in the matter have been determined by the High Court, Supreme Court of Appeal and Constitutional Court respectively.

The remaining issues in the litigation proceeded to trial in the High Court of South Africa from 15 April to 3 May 2024. On 18 June 2024, judgement was handed down by the High Court in Sasol Oil and TotalEnergies' favour. Damages in the amount of R3 889 475 802 plus interest amounting to approximately R2,3 billion were awarded to Sasol Oil.

View original content:https://www.prnewswire.com/news-releases/high-court-awards-damages-to-sasol-against-transnet-302177848.html

SOURCE Sasol Limited

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