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The six-year agreement includes sponsorship of the Springbok Sevens, South African U-21 and South African A teams.
A formal launch of the sponsorship will be scheduled in the last quarter of the year.
Pieter Cox, chief executive of Sasol, said: "We are delighted to have secured this sponsorship. We look forward to an inspiring relationship with the Springboks."
In response to the announcement Brian van Rooyen, president of SARFU, commented: "We are very happy to see the enthusiasm that sponsors have for the Springbok brand.
"It is tremendously positive for the game to be associated with Sasol who are so proactive in community development and the partnership between SARFU and Sasol will mean big things for the development of rugby. At the same time, we thank South African Breweries for the sponsorship they have provided for many years."
Sasol