Stimulus, Inflat... Romania Central Bank Resumes Bond-Buying After Seven-Month P... Risk-Shy Funds Are Wading Deeper Into High-Stakes World of J... ECB’s Covid Rescue Program Attacked in Suit at Top German Co... Company’s oil price exposure not hedged for remainder of 2020, Fuel and chemical producer has cost overruns at U.S. project. The delays and massive cost overruns at the Lake Charles chemical project in Louisiana have tarnished the whole company, Sasol said. As Sasol continues the commissioning process, we will do our best to notify the community in advance of activities that may generate increased noise or visibility. LAKE CHARLES, La. Spokeswoman Kim Cusimano says the plant’s emergency response team put out the fire. Employees may not receive or give extravagant or frequent entertainment from or to individuals or companies who do business with Sasol or who seek to do business with Sasol. The company had earlier renegotiated its covenant to a ratio of 3 from 2.5. Sasol’s biggest shareholders are linked to the government. On Wednesday, Sasol’s share price lost 13% of its value, followed by another 5% on Thursday – wiping R38 billion off its market capitalisation. The Lake Charles Chemical Complex is composed of two operating entities: Sasol’s Lake Charles East Plant and Sasol’s Lake Charles West Plant. Sasol’s plan to expand its business abroad with the Lake Charles Chemicals Project in Louisiana has turned sentiment against the company, with costs for the facility surging about 50% to almost $13 billion. Have a confidential tip for our reporters? LAKE CHARLES, La. Email: sasolqueries&enquiries@sasol.com, Telephone: +27(0) 10 344 9280 The fuel and chemicals producer, South Africa’s biggest company by sales, delayed an investor call scheduled for Tuesday until March 17, noting that its oil-price exposure for the rest of the fiscal year is not hedged. The company’s net debt was 125.2 billion rand as of June 30, more than twice the level two years earlier. Troubled companies often use rights offers to pay down debt. On-going compliance is managed, by dedicated environmental managers with the support of subject matter experts for water, waste, air quality, … The company had lowered LCCP’s contribution for the year on Aug. 26 to … Ethics training is given to all new and existing employees across the Sasol Group. Adds major shareholders, contribution to economy and debt covenants in last three paragraphs. Millions of Americans Are Missing Out on Stimulus ‘Survival’... Gold Gains for Third Day With Focus on U.S. Sasol’s plan to expand its business abroad with the Lake Charles Chemicals Project in Louisiana has turned sentiment against the company, with costs for the … SasolTEXT is a text message notification system that keeps the Southwest Louisiana community informed about activities at Sasol's Lake Charles Chemical Complex. “Balance-sheet protection remains a key priority.”. A significant part of our operations requires the use of large volumes of water. “We will continue to keep all of our options under regular review in these challenging market conditions,” said Sasol spokesman Alex Anderson when asked if there would be a rights offer. Our employees, agents and contractors are similarly prohibited from paying bribes or making facilitating payments to any officials. The code requires that we conduct business in accordance with the highest standards. “If oil prices stay close to current market levels for a long period of time, Sasol may have to consider a rights issue to fund cash shortfalls,” said Asief Mohamed, founder and chief investment officer at Aeon Investment Management in Cape Town, which holds stock in the company. As of June 30 last year, the Government Employees Pension Fund, which holds the retirement funds of South African civil servants, owned 13.1% of Sasol’s stock and the Industrial Development Corp., a state lender, owned 8.2%, according to a filing to the U.S. Securities and Exchange Commission. Sasol has a strict policy on the receiving and giving of gifts and entertainment. The Sasol code of ethics – which addresses issues such as corruption, bribery, conflicts of … Sasol is committed to ensuring that all of our dealings are conducted in a fair and transparent manner. The noise came from Sasol, which is reporting a fire at its Lake Charles West plant. Olaf Muller, a South African native, has worked on three continents in various roles at Sasol. Cusimano says there is no community action required. Sasol's Secunda plant 'cleared' as source of stench over Gauteng and Mpumalanga two weeks ago Times LIVE 13:57 28-Feb-21 Polymer Company Reports Higher Sales Financial Tribune 14:44 27-Feb-21 Sasol plans to acquire 900MW of renewable energy by 2030 Energy Mix Report 11:50 27-Feb-21 Our employees are only permitted to receive or give gifts that are reasonable and that are not excessive. Singapore Developer Spats With China Unit After Bond Lapse. The company has also disclosed mismanagement in the way the operation was run, leading to the departure of its co-chief executive officers in October. By Paul Burkhardt (Bloomberg) – Sasol named a new chief executive officer to replace co-CEOs Bongani Nqwababa and Stephen Cornell as the company seeks to draw a line under the disastrous development of an almost-$13bn chemicals plant in the US.. Sasol’s Lake Charles chemicals project is an ethane cracker, which will use about 100,000 barrels of ethane a day to produce 1.5Mt of ethylene a year for Sasol. For more on Sasol’s problems at Lake Charles click here. 24 March 2017Sasol Limited (JSE: SOL; NYSE: SSL) will today be hosting a site visit for analysts and investors to its Lake Charles Chemicals Project (LCCP) in Louisiana.The LCCP consists of a world-scale 1,5 million ton per year ethane cracker, and six downstream chemical units and is currently under construction near Lake Charles, Louisiana in the USA, adjacent to Sasol’s The rankings are based on data industries are required to self-report each year, known as the Toxics Release Inventory. (KPLC) -A new report says of the nation’s 100 biggest air toxics polluters, the Sasol complex of Lake Charles ranks number two. During 2018 a total of 1 247 new employees received ethics related training by the Group Ethics Office. Sasol’s internal probe showed that the Lake Charles project management team acted inappropriately, lacked experience and was overly focused on … Email: investor.relations@sasol.com, www.sasolinsport.com/wheelchair-basketball, Sasol Supplier code of Ethics (Portuguese). He is responsible for all temporary construction facilities, construction equipment, general site services, scaffolding and materials handling. In addition, Sasol has trained a total of 328 learners on ethics during the period. We strongly encourage you to contact our ethics line should you become aware of any practice that fails to meet these standards, or have any concerns in this regard. The Sasol Code of Conduct is a public statement of our commitment to good corporate … The Lake Charles facility is now nearing completion and Sasol said it’s confident the plant will soon start delivering financial and strategic benefits. 7119_r01 09/05/11 public notice louisiana department of environmental quality (ldeq) sasol north america inc. / lake charles cracker project administrative completeness determination public notice louisiana department of environmental quality (ldeq) sasol north america inc. Water, as a resource, is becoming increasingly limited as world demand for water increases. The Sasol code of ethics – which addresses issues such as corruption, bribery, conflicts of interest and human rights – governs our approach to ethical behaviour and fair business practice. Lake Charles; In 2014, Sasol embarked on a multi-billion dollar project in Louisiana in the US. Today, Sasol is one of the largest industrial employers in Southwest Louisiana, providing jobs to more than 1,000 employees and contract employees. SasolTEXT is a text message notification system that keeps the Southwest Louisiana community informed about ongoing activities at Sasol's Lake Charles Chemicals Project. In addition to the codes below please also find the a Modern slavery statement where Sasol further acknowledge our responsibility to respect human rights, and to avoid complicity in human rights abuses throughout our operations and in our relationships with our suppliers. Johannesburg, South Africa – Sasol has today updated its guidance for LCCP following a review process to assess the project costs and schedule.LCCP’s schedule remains on track with the Ethylene Glycol/Ethylene Oxide Unit due to achieve beneficial operation within days. By sharing this information, we aim to ensure the continuing success of our business relationships with current and potential suppliers. “The longer the oil price stays suppressed the more pressure Sasol will have to review and restructure their operations.”, Rescheduling the conference call “allows more time to assess the impact of these latest developments on the market and Sasol in particular,” the company said Monday in a statement. (Bloomberg) -- Sasol Ltd.’s Lake Charles Chemicals Project in Louisiana remains shut after Hurricane Laura hit the U.S. Gulf Coast, the company said. The covenant on Sasol’s loans for June 2020 is a ratio of 3.5 times earnings before interest, tax and depreciation to net debt, meaning that if it reaches that level it would have to pay the debt immediately or come to an agreement with the banks that lent it money. Chemicals group Sasol says there was an explosion that led to a fire at its troubled Lake Charles plant in Louisiana in the US. The company’s borrowing costs have surged. (KPLC) - Several viewers reported hearing a loud boom in the area about 1:25 p.m. Our standards cover safety, the awarding of contracts, ethical behaviour, compliance with all applicable legislation, maintenance of adequate internal controls and the recording and reporting of all transactions. Sasol’s bold leap into the US through its Lake Charles Chemicals Project is facing more cost blowouts, with management revising the project’s budget upwards for the third time since 2014. In September 2019, according to reports, Sasol shares were trading at R311.38 and thus gave the company a market cap of about R200 billion. Its ratio as of November was 2.9 times Ebitda compared with net debt. This week the company is now at just R30bn. Sasol’s coal-to-fuel plants supply products that meet about about a third of South Africa’s motor-fuel consumption, lessening the need to import crude, and it employs about 31,000 people. The yield on $750 million of notes due 2028 climbed for a fifth day on Tuesday to a record high 6.71%. Europe’s Bonds Surge After ECB Says It Will Step Up Purchase... ECB Said to Agree Risks to Outlook Have Become More Balanced. Hackers Breach Thousands of Security Cameras, Exposing Tesla, Jails, Hospitals, New Biotechnology Covid Treatment Reduces Risk of Death, Covid Outbreak Hits Banks, Gyms, Schools in Hong Kong, Trader Buys $36 Million of Copper and Gets Painted Rocks Instead, U.S. Stocks Rise as Tech Lags; Treasuries Climb: Markets Wrap. “For Sasol the oil-price collapse means that their already fragile balance sheet will come under even more pressure,” said Michele Santangelo, a money manager at Independent Securities in Johannesburg. Emissions rise from towers at the Sasol One Site in Sasolburg, South Africa. Before it's here, it's on the Bloomberg Terminal. If you are registering for the first time or if you previously registered before July 15, 2015: Sasol is committed to complying with all applicable laws and obligations arising from our environmental authorisations. Maintaining water supply to our operations needs to be viewed against the backdrop of drought conditions occurring in several regions of South Africa.Managing water supply risksWater risks are assessed Its stock plunged 47% by the close in Johannesburg, giving it a market value of 53 billion rand ($3.3 billion). The report is based on the most recent data available, which is from 2018. Fax: +27(0) 11 788 5092, Telephone: +27(0) 860 335 444 The Sasol and Supplier code of conduct, which all suppliers need to comply with, is available at the bottom of this page. Olaf is currently the manager of site logistics and services for the Lake Charles Chemical Project. Sasol Investor Relations, please contact: Feroza Syed, Chief Investor Relations Officer Direct telephone: +27(0)10-344-7778 investor.relations@sasol.com For Sasol … The only revision to the schedule is the Guerbet Unit which will now be on stream in February 2020. 29 Brickfield Road, Salt River, Cape Town, Shop 4, Corner Voortrekker Rd & Durban RD, Bellville, Unit number 3 access park, Chichester road, Kenilworth, (021)9031294 061 287 3980, Cnr Grimsby & Leicester Rd, Mobeni, Durban, (031)4620540 W\House (031) 469 9409, 21A Pier 14, Shopping Centre, Port Elizabeth, (041)4841575 083 5176 728, 13 Sparten Crescent ,Marlboro , Ext 3 Johannesburg, Maponya Shop 200 2127 Chris hani Road, klipspruit ext5 Soweto, Shop 155 Umlazi Mega City 50 Griffiths Mxenge Highway Umlazi, Lifes on Kloof, 50 Kloof Street, Gardens ,Cape Town, shop G-15, Shop 619 Canal Walk , Century BLVD, Century City , Cape Town 7441, Shop 80B Montecasino, No1 Monticasino Bouelvard Fourways , 2191 Magents, Shop UF 42 & 43 cnr atterbury road & lois avenue , menlo park , Pretoria, SHOP 608 LEONORA DRIVE,DOLPHIN COAST,BALLITO,4399, Shop GF08, The Zone, Rosebank mall, Oxford Street, Johannesburg, Shop 08 , Century Blvd , Century City 7441, (021) 551 2533 JP CELL: 064 686 4026, Shop 21 Montecasino, No1 Monticasino Bouelvard Fourways , 2191 Magents, (011) 465 6721 074 669 6310 073 804 4352 079 884 7607, MENLYN MALL , SHOP G190 CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA, (012) 348 4725 073 8677 468 - Sieya , kiley , OUPA, Micheal, MENLYN MALL ,LF41A CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA, Vicky - 078 816 1921 land line - 012 348 4766, Sasol Place50 Katherine StreetSandtonSouth Africa2196, Telephone: +27(0) 10 344 5000 While the company had assumed oil will stay in a range of $50 to $70 a barrel, Brent crude fell as low as $31 on Monday. Sasol Ltd.’s record share plunge on Monday, coming as the oil price slumped and just days after the company credit rating was cut to junk by Moody’s Investors Service, is raising concern among investors that it may need to hold a rights offer as it struggles with a debt burden of about $8 billion. Jan. 24.Sasol expects to have a better idea of the duration of the shutdown by the second half of February.
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