Sasol has opted to drop an exploration licence offshore central Mozambique.
Sasol has signed a deal to sell its indirect stake in the Escravos gas-to-liquids (GTL) plant, in Nigeria, to Chevron.
Sasol has negotiated some extra wriggle room in its financial discussions, while also announcing the end to upstream operations in West Africa amid a new structure plan.
A Mozambique audit has raised concerns about upstream companies misstating recoverable costs, highlighting South Africa’s Sasol in particular.
The board of South Africa’s Standard Bank has been targeted for change by climate change activists, led by the Just Share NGO.
Geofizyka Toruń has completed a 2D seismic study for Sasol in Mozambique, demonstrating that exploration in the East African state is progressing despite some disruption stemming from coronavirus.
Coronavirus and the sudden drop in oil prices has led to some measure of disruption in Mozambique, local regulator Instituto Nacional de Petroleo (INP) has said, although there should be no long-term impact.
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.
South Africa has “inadequate” stocks of diesel, an industry body has warned, as demand has accelerated beyond expectations with the easing of lockdown limitations.
Sasol has denied that it plans to sell off its downstream fuel retail business, saying that it was instead committed to expanding this work in South Africa.
South Africa’s state-owned Central Energy Fund is considering buying assets that have been put on the block by fuel and chemical maker Sasol as it seeks to restore itself to profitability.
Sasol Ltd. is considering additional divestments, including the potential sale of stakes in an African gas pipeline and a Middle Eastern plant, as it explores ways to reduce its $10 billion debt pile, people with knowledge of the matter said.
Sasol has appointed Wood to act as engineering partner under a five-year partnership framework agreement, with a focus on operations across South Africa.
Sasol will shutdown its Natref refinery as of Arpil 9 in response to the “unprecedented decline” in fuel demand, stemming from South Africa’s lockdown aimed at halting the spread of coronavirus.
Sasol has set out plans to reduce throughput at some of its plants, as South Africa goes into lockdown, while ratings agencies have become more cautious on the company’s outlook.
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.
FirstRand Ltd, Africa’s biggest bank by market value, has committed to disclosing its fossil fuel-related assets and lending but said it can’t meet a deadline requested by some investors.
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.
Plans are afoot for an initial public offering (IPO) of South Africa’s Engen, which might provide a rare bright spot in the country’s institutional outlook.
Amec Foster Wheeler has won an award from Sasol for work on its liquefied natural gas project in Mozambique.
Sasol’s field development plan in Inhambane province in Mozambique has reached an important milestone with the commencement of the drilling of the first well, the company said.
The chief executive of Irish independent Falcon Oil and Gas has predicted great things from its Australian operations after analysis on three well confirmed early indications of high potential.
Sasol has obtained approval from the Mozambique government to develop more oil and gas fields.