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.
Statoil and joint venture partners have submitted a winning bid on the A5-A block offshore Mozambique in the fifth competitive bidding round.
Petrochemicals giant Sasol has signed up to a $45million deal with Mozambique's state-owned Petromoc to buy condensate from the country's central processing facility as part of a drive to promote local product.