Sasol shutters Natref as demand plummets
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.
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Sasol sets out $6bn target
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 tries to stem its share price bleeding
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.
Sasol’s Lake Charles pain continues
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 sacrifices co-CEOs to Lake Charles disaster
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.