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Sasol cashes in on poor rand
The rand's weakness at the beginning of 2002 and the rise in the oil price after the attacks on the US are expected to boost the group. Barnard Jacobs Mellet analyst Leila Reddy said the rand's drop and the rise in the oil price were two of the three growth drivers for the group. Reddy said these two factors had been driving growth for the group for the past two years. She also said the rand's fall to R10 to the dollar, against the R7.40 of the previous period, should benefit Sasol.
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Sasol granted stay from competition
The Competition Commission has granted Sasol an exemption from certain provisions of the Competition Act. It said it had done this with the backing of competing players in the industry. Sasol had applied for an exemption until Dec 2003. The exemption relates to South Africa's old policies on energy. During apartheid, the government considered it crucial to increase the country's self sufficiency in liquid fuels. The regulation of the industry created a situation where oil companies' ability to expand refinery operations inland were effectively curtailed.
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Sasol close to signing two empowerment deals
Sasol is on the verge of signing deals worth more than R100m with two black economic empowerment groups in KwaZulu-Natal and Mpumalunga, which will take over its methane gas distribution network in the two provinces. Sasol GM, Seshi Chonco, said the identities of the partners would be revealed only once the due diligence investigations and the valuation of the business had been completed, and the formal announcement of the two separate deals was made. Sasol would hive off the methane gas distribution business and retain a 49% stake. The empowerment partners would bring in 10% of the equity, with the remainder being structured with financial institutions over time. Chonco said that it was a very lucrative deal, with Sasol insisting that the empowerment partners share some of the risk by bringing a portion of their capital themselves. The KwaZulu-Natal consortium consisted of 10 groups and the Mpumalanga group of between five and seven groups.
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Sasol sponsors whale unit
Sasol has sponsored the Whale Unit of the Mammal Research Institute at the University of Pretoria as part of its commitment to the guiding principles of the international responsible care programme. The Sasol group is integrating sustainable development into its values, corporate governance and business activities.
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Sasol averts fuel shortage
Sasol has averted a fuel shortage only to have explained that the fuel shortage would have been caused largely by Sasol in the first place. Sasol issued a news release suggesting an unnamed spokesman from the Department of Minerals and Energy expressed government appreciation for Sasol's bold and decisive action in averting a potential fuel shortage. Sasol put off a shutdown of its synthetic fuels plant in Secunda until Jan 2003 to ensure that the plant would not negatively impact its supply of petrol, diesel, illuminating paraffin and jet fuel to the inland market.
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Sasol calls for rebate on vegetable oil import
Sasol is seeking a tariff rebate on the importation of a vegetable oil, claiming that this will help provide cheap candles for the poor in SA. The tariffs and trade board will decide on the request which would allow Sasol rebates of the 10% ad valorem tariff placed on imports into SA of palm stearin. Palm stearin is a vegetable oil which can be blended with paraffin wax in the manufacture of candles. Other importers already enjoy tariff rebates for the same imported vegetable oil when it is used in the production of ice cream, soap and stearin acid. Sasol spokeswoman, Brenda Kali, confirmed the application for the tariff rebate had been made by Sasol's wax making subsidiary Schumann Sasol.
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Sasol to enjoy benefits of Malaysian joint venture
Sasol is likely to enjoy the benefits of a R1.2bn Malaysian joint venture investment that was first launched by the company’s FD, Trevor Munday. Sasol has a 40% stake in the Petlin polyethylene plant and a 12% stake in the neighbouring Optimal Olefin facility, which produces ethylene. At the time the Malaysian plants were commissioned at the beginning of 2002, Munday said that there was no trouble in finding a market for the output. Malaysia is Sasol's first substantial foothold in Asia, although the SA multinational is looking at the possibility of developing a gas to liquid plant in nearby Australia.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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