Sasol Encourages Black Empowerment

South African oil giant Sasol has agreed to transfer 10% of the company to black owners to qualify under Black Economic Empowerment (BEE) rules.

Sasol said it will sell the stake, worth about 17.9bn rand ($2.48), to black staff, investors and key partners in the biggest BEE deal to date.

The government has created this program in an effort to restore the worst misrepresentations of wealth created by the apartheid regime.

If approved, the transfer will take place in 2008.

"This transaction is ground-breaking, not only in terms of its size, but also in terms of its overarching ambition to create a legacy of building skills and capacity in the South African economy," said Sasol chairman Pieter Cox.

If approved, the transfer will take place in 2008.

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