South African petrochemicals group, Sasol, will acquire a 50% stake in shale gas project, Cypress A, in Canada, Bloomberg reports. Sasol will pay $1.08 billion to Canada’s Talisman Energy for the acquisition.
The Johannesburg-based company will initially pay $270 million in cash, with the remaining $810 million in future development costs, adds Reuters. The transaction is expected to be completed in the third quarter of this year.
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