At 30 June, the Group’s interest in equity accounted investments and the total carrying values were:


	Country of			Interest		2026		2025
Name	incorporation	Nature of activities		%		Rm		Rm
Joint ventures
ORYX GTL Limited	Qatar	GTL plant		49		6 619		8 530
Sasol Dyno Nobel (Pty) Ltd	South Africa	Manufacturing and distribution of explosives		50		456		400
Associates
Enaex Africa (Pty) Ltd	South Africa	Manufacturing and distribution of explosives		23		639		562
The Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO)	South Africa	Owning and operating of the natural gas transmission pipeline between Temane in Mozambique and Secunda in South Africa for the transportation of natural gas produced in Mozambique to markets in Mozambique and South Africa		20		2 669		2 737
Other equity accounted investments				Various*		332		730
Carrying value of investments						10 715		12 959

There are no significant restrictions on the ability of the joint ventures or associates to transfer funds to Sasol Limited in the form of cash dividends or repayment of loans or advances.

Based on impairment indicators at each reporting date, impairment tests in respect of investments in joint ventures and associates are performed. The recoverable amount of the investment is compared to the carrying amount, as described in note 8, to calculate the impairment.

Joint ventures and associates are assessed for materiality in relation to the Group using a number of factors such as investment value, strategic importance and monitoring by those charged with governance.

ORYX GTL and ROMPCO are considered to be material as they are closely monitored by and reported on to the decision makers and are considered to be strategically material investments.

Summarised financial information for the Group’s material equity accounted investments

In accordance with the Group’s accounting policy, the results of joint ventures and associates are equity accounted. The information provided below represents the Group’s material joint venture and associate. The financial information presented includes the full financial position and results of the joint venture and includes intercompany transactions and balances.


		Joint venture
		ORYX GTL Limited***
		2026			2025
for the year ended 30 June		Rm			Rm
Summarised statement of financial position
Non-current assets*			14 217		17 784
Deferred tax asset			1 065		490
Cash and cash equivalents			1 024		861
Other current assets			6 132		6 833
Total assets			22 438		25 968
Non-current liabilities			6 320		6 602
Current liabilities			2 610		1 350
Tax payable			—		608
Total liabilities			8 930		8 560
Net assets			13 508		17 408
Summarised income statement
Turnover			8 848		14 475
Depreciation and amortisation			(3 072)		(3 316)
Other operating expenses			(6 369)		(7 728)
Operating (loss)/profit before interest and tax			(593)		3 431
Finance income			24		49
Finance cost			(325)		(189)
(Loss)/profit before tax			(894)		3 291
Taxation			(65)		(1 357)
(Loss)/profit and total comprehensive income for the year			(959)		1 934
The Group’s share of (loss)/profits of equity accounted investment			(470)		948
49% share of (loss)/profit before tax			(438)		1 613
Taxation			(32)		(665)

Reconciliation of summarised financial information
Net assets at the beginning of the year			17 408		21 181
(Loss)/earnings before tax for the year			(894)		3 291
Taxation			(65)		(1 357)
Foreign exchange differences			(1 227)		(440)
Dividends paid**			(1 714)		(5 267)
Net assets at the end of the year			13 508		17 408
Carrying value of equity accounted investment			6 619		8 530

***The year-end for ORYX GTL Limited is 31 December, the Group uses the financial information based on management accounts at 30 June.

The carrying value of the investment represents the Group’s interest in the net assets thereof.

Early in March 2026, a military conflict in the Middle East escalated which affected several Gulf countries including Qatar, resulting in the temporary shutdown of Oryx’s GTL facility and the suspension of all product shipments following the closure of the Strait of Hormuz, resulting in the inability to export products. The facility has remained offline and only recently has been able to sell some product which was stored in tanks, into the local market. The facility is back online and ramped up in 2027 but only operating at 50% capacity due to the uncertainties and constraints which still exist in the Middle East, with ramp up expected later in the first quarter. The local market will be used initially to sell product with shipments set to continue in 2027.

The carrying value of the investment represents the Group’s interest in the net assets thereof.


		Associate
		The Republic of
		Mozambique Pipeline
		Investment Company
		(Pty) Ltd (ROMPCO)**
		2026	2025
for the year ended 30 June		Rm	Rm
Summarised statement of financial position
Non-current assets*		2 055	2 658
Cash and cash equivalents		866	964
Other current assets		2 814	2 219
Total assets		5 735	5 841
Non-current liabilities		561	514
Current liabilities		140	220
Tax payable		84	166
Total liabilities		785	900
Net assets		4 950	4 941
Summarised income statement
Turnover		4 372	4 777
Depreciation and amortisation		(641)	(651)
Other operating expenses		(433)	(442)
Operating profit before interest and tax		3 298	3 684
Finance income		211	231
Finance cost		(13)	(17)
Profit before tax		3 496	3 898
Taxation		(1 137)	(1 051)
Profit and total comprehensive income for the period		2 359	2 847
The Group’s share of profits of equity accounted investment
20% share of profit before tax		699	780
Taxation		(227)	(210)
		472	570
Amortisation of fair value adjustment on acquisition of investment		(70)	(70)
Share of profits of equity accounted investment		402	500
Reconciliation of summarised financial information
Net assets at the beginning of the year		4 941	5 020
Earnings before tax for the year		3 496	3 898
Taxation		(1 137)	(1 051)
Dividends paid		(2 350)	(2 926)
Net assets at the end of the year		4 950	4 941
Carrying value of equity accounted investment		2 669	2 737
Historical net asset value		990	988
Group’s share of fair value adjustment on acquisition of investment		1 679	1 749

The carrying value of the investment represents the Group’s interest in the net assets thereof.


	2026	2025	2024
for the year ended 30 June	Rm	Rm	Rm
Transactions with joint ventures
Total sales and services rendered from subsidiaries to joint ventures	813	335	3
Total purchases by subsidiaries from joint ventures	14	10	18
Transactions with associates
Total sales and services rendered from subsidiaries to associates	2 577	2 214	2 574
Total purchases by subsidiaries from associates	3 089	3 991	4 332

The amounts have been disaggregated and reported separately between joint ventures and associates.

The financial results of associates and joint ventures are included in the Group’s results according to the equity method from acquisition date until the disposal date. Associates and joint ventures whose financial year-ends are within three months of 30 June are included in the consolidated financial statements using their most recently audited financial results. Adjustments are made to the associates’ and joint ventures financial results for material transactions and events in the intervening period.