Rumours in South Africa that Sasol is in talks with the state-owned Central Energy Fund (CEF) to sell its network of service stations have been denied by Sasol. Sasol is known to be considering the divestment of some of its assets to cut debt and offset the collapse in oil prices.

Sasol is considering various options, which include the divestment of assets as well as a $2bn rights offer.

In September, Priscillah Mabelane will join the company, having been CEO of BP Southern Africa. Before that, she was retail operations director for BP’s UK retail business.

Sasol owns 410 service stations, which also operate as convenience store/fast food hubs. It has an 11% market share in South Africa’s retail fuel market. The company has said it is focusing on improving margins for its downstream business.

“This means both organic retail growth, by increasing our retail site development and conversion of sites to the Sasol brand, and possible small scale acquisitions.”

The appointment of Priscillah Mabelane supports the company’s statement that it is looking to grow its retail business. CEF has also dismissed rumours of the asset sale as “bordering on sensational.”