{"id":777954,"date":"2024-06-20T11:41:46","date_gmt":"2024-06-20T09:41:46","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=777954"},"modified":"2024-06-20T11:41:51","modified_gmt":"2024-06-20T09:41:51","slug":"transnet-loses-major-battle-with-sasol-forced-to-pay-billions","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/777954\/transnet-loses-major-battle-with-sasol-forced-to-pay-billions\/","title":{"rendered":"Transnet loses major battle with Sasol &#8211; forced to pay billions"},"content":{"rendered":"\n<p>Transnet will have to pay Sasol over R6 billion after losing a key court battle.<\/p>\n\n\n\n<p>Transnet, through its business unit Transnet Pipelines, transports crude oil for both Sasol Oil and TotalEnergies from Durban to the Natref crude oil refinery located in Sasolburg, Free State. <\/p>\n\n\n\n<p>Sasol and TotalEnergies hold 63.64% and 36.36%, respectively, of the shares in Natref.<\/p>\n\n\n\n<p>In 2017, Sasol Oil joined TotalEnergies in starting legal action against Transnet for damages caused by Transnet&#8217;s breach of its obligation to set pipeline tariffs for the transportation of crude oil in terms of an agreement that the parties had entered into in 1991. <\/p>\n\n\n\n<p>This resulted in Transnet overcharging Sasol Oil for the transport of crude oil over a number of years.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"DG0RkytM4x\"><a href=\"https:\/\/businesstech.co.za\/news\/banking\/774188\/nedbank-readies-for-legal-showdown-with-transnet\/\">Nedbank readies for legal showdown with Transnet<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Nedbank readies for legal showdown with Transnet&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/banking\/774188\/nedbank-readies-for-legal-showdown-with-transnet\/embed\/#?secret=P6N55TeRnl#?secret=DG0RkytM4x\" data-secret=\"DG0RkytM4x\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>&#8220;The litigation between the parties has been ongoing for years, and a number of issues in the matter have been determined by the High Court, Supreme Court of Appeal and Constitutional Court, respectively,&#8221; said Sasol. <\/p>\n\n\n\n<p>Following litigation proceedings at the High Court from 15 April to 3 May 2024, the High Court handed down judgement in favour of Sasol Oil and TotalEnergies. <\/p>\n\n\n\n<p>Damages amounting to R3.9 billion and interest amounting to roughly R2.3 billion were awarded to Sasol Oil.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"RPNe9lKxN4\"><a href=\"https:\/\/businesstech.co.za\/news\/lifestyle\/773197\/south-africas-silent-killer\/\">South Africa&#8217;s silent killer<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;South Africa&#8217;s silent killer&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/lifestyle\/773197\/south-africas-silent-killer\/embed\/#?secret=tB8123f3D6#?secret=RPNe9lKxN4\" data-secret=\"RPNe9lKxN4\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/finance\/777927\/big-turn-for-real-estate-in-south-africa-as-confidence-jumps\/\"><\/a><a href=\"https:\/\/businesstech.co.za\/news\/business\/777457\/takealot-vs-amazon-south-africa-price-comparison\/\">Takealot vs Amazon South Africa price comparison<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transnet has lost a major court battle with Sasol and TotalEnergies, and will have to pay billions in damages plus interest. <\/p>\n","protected":false},"author":95,"featured_media":756851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,2240,10694,2138],"class_list":["post-777954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-sasol","tag-total","tag-transnet"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/777954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=777954"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/777954\/revisions"}],"predecessor-version":[{"id":777965,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/777954\/revisions\/777965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/756851"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=777954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=777954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=777954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}