Sasol has won almost R4bn in damages in a high court ruling against state-owned logistics utility Transnet which it accused of overcharging it for transporting crude oil for several years, the petrochemical firm said on Thursday.
Sasol Oil in 2017 joined TotalEnergies, its joint venture partner in the Natref crude oil refinery, in a lawsuit against Transnet Pipelines over a tariff dispute.
“On June 18, judgment was handed down by the high court in Sasol Oil and TotalEnergies' favour. Damages in the amount of R3,889,475,802 plus interest amounting to about R2.3bn were awarded to Sasol Oil,” Sasol said in a statement.
Transnet and TotalEnergies were not immediately available to comment.
The dispute has its roots in a 1967 agreement between the then government and Total, which established an inland crude oil refinery at a time when coastal refineries were struggling to meet inland demand.
To secure the participation of Total in the inland refinery Natref, the government put in place a pipeline tariff structure that would match the costs of a coastal processing facility.
Sasol, which was set up as a state-owned business in 1950 and privatised in 1979, owns 63.64% of Natref, with TotalEnergies holding the remainder.
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