08 March 2011 15:09 [Source: ICIS news]
TORONTO (ICIS)--Sasol has agreed to buy another stake in a Canadian shale gas project from Talisman Energy, paving the way for a possible gas-to-liquids (GTL) project in Canada, the South African petrochemicals and energy major said on Tuesday.
Sasol said it would pay Canadian dollar (C$) 1.05bn ($1.08bn) for a 50% stake in Talisman’s ?xml:namespace>
Following a similar deal with Talisman in December, this latest transaction would allow Sasol to benefit from the growing North American gas market and pursue a possible GTL project in Canada, it said.
“The company believes that there has been a structural shift in the dynamics between the natural gas price and oil price, making GTL an even stronger value proposition,” it said.
“Shale gas has become an economically attractive alternative to conventional gas,” it added.
Cypress A, with an estimated “contingent resource” of 11,200bn cubic feet, was currently producing 18m standard cubic feet/day, Sasol said.
($1 = C$0.97)
For more on Sasol and other producers, visit ICIS company intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|