Johannesburg - South Africa's petrochemical giant Sasol on Friday announced it would appeal a hefty fine imposed on it by the European Commission for participating in a cartel in the paraffin wax business.

While making clear it was not quibbling with the Commission's finding of anti-competitive behaviour, Sasol questioned how the European Union's executive arm had concluded that it was the ringleader in the 10-company "paraffin mafia".

Sasol also questioned whether the 318-million-euro (445 million dollars) fine was appropriate.

"I need to make it very clear that we don't distance ourself from accountability on this," Sasol chief executive officer Pat Davies told a press conference in Johannesburg, two days after the Commission imposed the fine.

But Davies also defended Sasol, noting the company had immediately broken off the cartel when it learned of the investigation, that only a few out of Sasol's 30,000 employees were involved and they had cooperated with the investigation.

"As we see things now it is our intention to appeal," Davies said.

In total, the The Commission fined nine companies, including Shell, ExxonMobil and Total, 676 million euros (nearly 1 billion dollars) for operating a 10-member cartel for 13 years.

Finding Sasol to be the leader the Commission slapped it with nearly half the fine.

The Commission knocked off 50 per cent off the initial threatened fine because Sasol cooperated with the investigators.

The cartel organizers met between 1992 and 2005 in top hotels in European glamour spots such as Milan, Paris and Vienna to arrange their activities. Shell staff called the group the "paraffin mafia."

In 2005 Shell blew the whistle on the group, prompting the European Union's executive to launch raids on the other firms. As the whistle-blower, Shell walked away without a fine.

The fines can be challenged in the European Court. (dpa)