While the company attempted to continue, executives eventually abandoned their efforts and ended the AGM.
While drilling is ahead of schedule in Mozambique, gas production was 2% lower, Sasol said. This is “due to reduced demand from our own operations and the external market largely due to the ongoing power outages”.
Industrial groups in South Africa have voiced their commitment to an equitable transition, while calling for increased carbon prices to be pushed back to after 2035.
A group of CEOs and government officials have launched the Energy Council of South Africa.
Sasol has signed agreements to supply gas and LPG, allowing work to begin on the up-, mid- and downstream to begin in Mozambique.
Sasol has launched plans to take a major step into the production of green hydrogen, both domestically in South Africa and in Germany.
South Africa’s Sasol has made progress in righting its progress, putting it on the right direction for a greener, cleaner future.
Sasol’s low-density polyethylene (LDPE) unit in Louisiana has reached beneficial operation, the last part of the Lake Charles Chemicals Project (LCCP) to start up.
Sasol has set out steps to cut carbon emissions in a 10-year pivot away from coal and towards alternative energy sources.
LyondellBasell is to buy a 50% stake in Sasol’s US base chemicals business for $2 billion.
Sasol has struck an exclusive negotiations agreement on the sale of its 16 air separation units to Air Liquide.
BP Southern Africa has appointed Taelo Mojapelo as its new CEO, replacing Priscillah Mabelane who is joining Sasol as executive vice president of its energy business.
Sasol “will prevail”, the company’s CEO Fleetwood Grobler said on a conference call intended to reassure investors and employees. The plan should stabilise the company, protect the balance sheet and preserve stakeholders’ interests.
Sasol’s share price has declined by more than 80% since the beginning of the year, with the company saying it would accelerate efforts to cut costs and sell assets.
Scrapping its dividend, Sasol laid out a tough set of results with earnings down 72% at 4.5 billion rand ($297 million) with its Lake Charles project in the US continuing to drag the South African company down.
Sasol and its join CEOs, Bongani Nqwababa and Stephen Cornell, will part company as of October 31 following the company’s misjudged investment in a multi-billion dollar gas facility in the US.