19 | Interest in joint operations |
At 30 June, the Group’s interest in material joint operations were: | | | | | | | | | | | | | | | % of equity owned | | | | | | | 2026 | | 2025 | Name | | Country of incorporation | | Nature of activities | | % | | % | Louisiana Integrated Polyethylene JV LLC (LIP JV) | | United States of America | | Manufactures ethylene and polyethylene chemicals. The joint operation with LyondellBasell operates as a tolling arrangement. Sasol retains control of our portion of the goods during the toll processing, for which a fee is paid, and only recognises revenue when the finished goods are transferred to a final customer. Equistar, a subsidiary of LyondellBasell, acts as an independent agent, for a fee, to exclusively market and sell all of Sasol’s Linear low-density polyethylene and Low-density polyethylene produced by the joint operation to customers. | | 50 | | 50 | National Petroleum Refiners of South Africa (Pty) Ltd (Natref) | | South Africa | | Inland refinery that uses crude oil to produce liquid fuels. Natref is a joint operation between Sasol and Prax South Africa (Pty) Ltd. Prax remains in business rescue. Sasol continues to operate Natref and utilise available Prax capacity in accordance with arrangements agreed with the business rescue practitioners, with operations and product supply remaining uninterrupted. | | 64 | | 64 |
19 | Interest in joint operations continued |
The information provided is Sasol’s share of joint operations (excluding unincorporated joint operations) and includes intercompany transactions and balances. | | | | | | | | | | | | | | | Total | | Total | | | LIP JV | | Natref | | 2026 | | 2025 | for the year ended 30 June | | Rm | | Rm | | Rm | | Rm | Statement of financial position | | | | | | | | | External non-current assets | | 23 561 | | 1 035 | | 24 596 | | 25 696 | External current assets | | 1 451 | | 888 | | 2 339 | | 2 324 | Intercompany current assets | | — | | 3 | | 3 | | 212 | Total assets | | 25 012 | | 1 926 | | 26 938 | | 28 232 | Shareholders’ equity | | 23 768 | | (3 202) | | 20 566 | | 21 606 | Long-term liabilities | | 27 | | 4 413 | | 4 440 | | 3 632 | Interest-bearing current liabilities | | 7 | | — | | 7 | | 110 | Non-interest-bearing current liabilities | | 801 | | 478 | | 1 279 | | 1 690 | Intercompany current liabilities | | 409 | | 237 | | 646 | | 1 194 | Total equity and liabilities | | 25 012 | | 1 926 | | 26 938 | | 28 232 |
At 30 June 2026, the Group’s share of the total capital commitments of joint operations amounted to R1 076 million (2025: R2 003 million). Accounting policies: The Group recognises its share of any jointly held or incurred assets, liabilities, revenues and expenses along with the Group’s income from the sale of its share of the output and any liabilities and expenses that the Group has incurred in relation to the joint operation. These have been incorporated in the financial statements under the appropriate headings.
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