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.