Sasol Ltd. will hold negotiations in July and August with interested parties to sell several of its foreign chemical units, the company said on Tuesday.

Sasol, a South African global energy company, indicated that it will be selling off most of its Sasol Olefins & Surfactants units, although it will retain the domestic business.

The company revealed early last month that the 19 firms interested in purchasing the units had received information regarding the sale so they could start preparing their bids.

In March 2001, Sasol bought the chemical business then known as Condea from Germany's RWE Dea for $1,65-billion ( €1.3-billion). Most of that business is held in Sasol O&S.

The indicative bids were received in June 2006 and follow-up discussions and negotiations with short-listed bidders are due to be held in July and August, Sasol said in a newsletter.

Sasol did not specify details concerning the number of bids received, nor give any further details regarding the transactional process that will take place.

Investment bank Merrill Lynch said last August, that the sale could fetch an estimated $1.15-billion €900-million, provided that oil prices did not crash below $15 per barrel.

The sale will affect the group’s overseas operations of the chemical unit it bought more than four years ago, most of which are concentrated in Germany, Italy and the United States.