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Analysts forecasts 78% earnings jump for Sasol
SG Securities predicted a 78% increase in EPS to R12 for the year to Jun 01. Such an increase would make Sasol one of the most attractive pan-European resource stocks on the market.
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Sasol's pipeline gives construction industry boost
The $500m construction of Sasol's 870km natural gas pipeline has given the construction industry a boost, according to SG Securities. Sasol recently announced a shortlist of six bidders, including major South African contracting groups Aveng, Murray & Roberts and Concor. The gas fields and gas processing facility will be awarded as separate contracts. Both are significant contracts and would provide a boost to the regional economy, especially if a local based contractor in a joint venture won the bid.
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Sasol's share price under pressure
Sasol's share price fell 6.3% on 18 Jul 01 as declining oil prices added to concern that profit may be curbed at South Africa's global synthetic fuels and chemicals producer. Crude oil dropped almost 2%, its seventh decline in eight days, after US inventories grew, easing concerns that output cuts by oil producers may push prices up. Sasol's burnt-out Natref refinery also added to the pressure on the share price. In another setback yesterday, the Competition Tribunal said it had barred the takeover of Price's Daelite by a candle wax making unit of Sasol.
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Sasol starts building complex in Sasolburg
Sasol Solvents, a division of Sasol Chemical Industries, started building its new Midlands chemical complex in Sasolburg on 12 Jul 01. The complex is expected to have a total investment of R5bn over the next 10 years with the bulk of the cash coming from Japan. The first phase of the project is a normal-butanol (n-butanol) plant with an annual production of 150 000 tons. Production will start in 2002. The complex is expected to save local industries about R120m a year and bring in R1.2bn annually in foreign earnings once in full production.
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Sasol signs deal for $800m Qatar plant
Sasol has signed a joint venture agreement with Qatar Petroleum for the $800m gasto-liquids plant planned for Qatar's Ras Laffan industrial city. Sasol executive director Patrick Davies said the setting up of several gas-to-liquids businesses based on the group's slurry phase distillate technology was seen as a key driver of growth. The Qatar project, for which a feasibility study was completed in May, will convert natural gas into 34 000 barrels of environment-friendly fuel a day and is scheduled to start up in 2005. The joint-venture partners are committed to $30m in front-end engineering and design work, which would take about nine months. UK group Foster Wheeler has been picked as contractor. Qatar Petroleum (51%) and Sasol (49%) will seek project finance for a significant portion of the project's capital requirements in the months ahead, before the start of the engineering procurement and construction towards the end of next year. The plant will consume about 330m standard cubic feet of natural gas a day and is expected to produce 24 000 barrels of fuel, 9 000 barrels of naphtha and 1 000 barrels of liquefied petroleum gas a day.
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Sasol on verge of R5bn deal with Mitsubishi Chem
Sasol hinted that they were on the verge of signing a R5bn deal with Mitsubishi Chemical of Japan. The deal, which is expected to be finalised next week, will mean Sasol invests R2bn, while its Japanese partner will put R3bn into a new firm held by both groups. According to Alfonso Niemand, a spokesperson at Sasol, the companies were investigating the feasibility of a joint venture to build and operate acid and acrylic esther complex. Ssaol had already intended to make a R1.4bn investment using the Japanese technology in four chemical plants at Sasolburg.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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