Sasol Ltd. (Johannesburg, South Africa; www.sasol.co.za) announced the completion of a $4 billion credit facility for its ethane cracker and derivatives at an existing site in Lake Charles, Louisiana.
“Securing this financing facility is another key milestone in advancing a defining project for the company,” said Paul Victor, Acting Chief Financial Officer, Sasol Limited. “The support from a large number of international financial institutions is a testament to Sasol’s strong standing within the global financial markets.”
A syndicate of 18 international banks and other financial institutions are lenders for the credit facility.
In October, Sasol announced its final investment decision relating to a $8.9 billion petrochemical complex, which consists of an ethane cracker that will produce 1.5 million tons of ethylene annually. The complex will also comprise six chemical manufacturing plants, enabling infrastructure and utility improvements.
The remainder of the funds required for construction will be raised in a phased manner from a variety of potential sources, including surplus cash available in the group. Additional funding will be announced as it is secured.