CMG and iGAS complete purchase of 30% of Sasol’s ROMPCO stake – Notícias

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CMG and iGAS complete purchase of 30% of Sasol’s ROMPCO stake – Notícias

1:41 CAT | 30 Jun 2022

Representatives of the companies formalise the acquisition of ROMPCO shares [Photo: Notícias]

The Companhia Moçambicana de Gasoduto (CMG), a subsidiary of Empresa Nacional de Hidrocarbonetos (ENH), and the South African Gas Development Company (iGAS), a company linked to the Central Energy Fund (CEF), announced yesterday the completion of the acquisition of 30% of Sasol’s share in ROMPCO (Companhia de Investimento de Gasoduto (Pty) Ltd of the Republic of Mozambique), as part of the exercise of its pre-emptive rights.

The transaction makes CMG and iGAS the majority shareholders in ROMPCO, as their stake will increase from 25% to 40%, with Sasol holding a minority 20% stake.

Prior to this transaction, ROMPCO, which owns the 865-kilometre gas pipeline from Mozambique to South Africa, was 50% owned by Sasol South Africa, with CMG and iGAS both holding 25%.

Reacting to the successful completion of this transaction, ENH’s Chairman of the Board of Directors, Estevão Pale, said that “the financial close symbolises the commitment of the Government of Mozambique to the long-term marketing of natural gas between South Africa and Mozambique, and also the role that natural gas plays in the country’s energy transition in the country and in the region”.

“This achievement is the result of long-term public-private involvement and cooperation,” Pale added.

In turn, CEF Group executive director Ishmael Poolo said: “We are very pleased to have reached a financial closing of the acquisition of these shares.”

He added that the robust approach to acquiring these shares was “in line with our newly adopted strategy to be a strategic investor in the energy value chain, focused on meeting the energy needs of the region”.

Poolo noted that this transaction would pave the way for the group to spearhead energy security and a just energy transition program for South Africa.

CEF president Ayanda Noah said: “The acquisition of these shares also heralds a new era in the promotion of partnerships aimed at regional integrated energy development, critical for socio-economic development in both countries.”

Source: Notícias