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Sasol is proudly South African
Sasol CE Pieter Cox vigorously asserted his company's loyalty to SA, and highlighted the multibillion-rand contribution that Sasol made to the country's economy. His remarks followed a fierce attack on SA Chamber of Business CE Kevin Wakeford by Sasol's chairman, Paul Kruger, and were intended to show the efforts being made to redress the harm that was done to its image during the inquiry into the rand's collapse. In an advance extract from Sasol's annual report, Cox said that although Sasol continued to pursue a globalisation strategy, its roots remained in SA. Sasol continues to pursue opportunities to increase its business footprint in Europe, the Americas, Asia and Australasia, but the group remains patriotically South African. Sasol provided direct and indirect employment for about 170 000 people and contributed more than R34bn to SA's annual gross domestic product in the last year. The group is committed to Nepad and to investing in southern Africa to achieve further growth. Sasol remains loyal to its corporate domicile in SA, where it is one of the top five companies listed on the JSE.
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Sasol transfers listing
Sasol has made application to the JSE to transfer it's listing from the "Oil and Gas - Oil and Gas Exploration and Production" sector to the "Oil and Gas - Oil Integrated" sector on 23 Sep 02.
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Sasol director resigns
Dr Z Z R Rustomjee resigned as non-executive director of Sasol with effect from 18 Sep 02 to avoid possible conflicts of interest that may arise following his appointment as an executive of BHP Billiton.
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Sasol attacks Sacob over commission allegations
Kevin Wakeford, CEO of the SA Chamber of Business, is facing renewed pressure as Sasol's chairman Paul Kruger is launching a vitriolic attack on him and his role in the commission of inquiry into the rand's fall. Sasol's recently decided to pull out of Sacob and has accused the organisation over its support for Wakeford, and of being an accomplice to his contemptible behaviour. Kruger's comments appear in advertisements in some SA newspapers and forms part of his chairman's statement in Sasol's annual report. The strong language used reveals the depth of anger Sasol feels over Wakeford's claims made in a letter to President Thabo Mbeki on the rand crisis. In the letter, Wakeford accused Sasol and Deutsche Bank of colluding to cause a drop in the rand's value in order to strengthen their economic positions. Kruger said that instead of distancing itself from Wakeford's unfounded and defamatory allegations, Sacob stood by him and renewed his contract. The rand commission had since exonerated Sasol from any misconduct.
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Sasol cancels membership with SACOB
Sasol has cancelled its membership with the SA Chamber of Business (Sacob) for undisclosed reasons. The decision follows a process instigated by Sacob CEO Kevin Wakeford that led to the Myburgh commission of inquiry into the decline of the rand. Companies Sasol, MCell, BHP Billiton, Nampak and Deutsche Bank were implicated as having contributed indirectly to the decline of the rand. The commission, however, found no one guilty of acting to weaken the currency.
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Sasol to restructure liquids fuel
Sasol would seek board approval to restructure its liquid fuels business during Nov 2002. Sasol Oil general manager, Lean Strauss, told Parliament's minerals and energy portfolio committee it was looking to black economic empowerment (BEE) groups to take control of 25% of the restructured company. This would enable the group to meet its commitments under the liquid fuels industry's black empowerment charter, which requires oil companies to transfer 25% of their assets within 10 years. The new liquid fuels business would include coal and gas-derived fuels, crude derived fuels and Sasol's marketing infrastructure. The total value of this restructured business was estimated at about R10bn. Sasol appointed Nkonki Sizwe Ntsaluba and Investec Bank to assist with the financing, structuring and partner selection.
Strauss said the BEE consortium called CEPR, consisted of seven groups including two women's groups, and would take over 51% of the Durban South gas pipeline business. Sasol Gas would retain a 49% stake. He also said 90% of the financing for the deal would be guaranteed by Sasol, meaning no government financing would be required. The turnover of the venture was expected to total about R120m, rising to R200m in 2005.
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Sasol plans a new joint venture in Qatar
CE Pieter Cox announced that Sasol was considering a major new gas-to-liquids joint venture in Qatar. If the new Qatar investment went ahead it would be in addition to Sasol's existing R8bn joint venture with Qatar Petroleum, with a plant being built at Ras Laffan in Qatar and is expected to start up in 2005. The plant being built in Qatar would produce 34 000 barrels a day, but if the additional plant was built this would add a further 100 000 barrels a day.
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Sasol seeks NYSE listing in 2003
Sasol chief executive, Pieter Cox, said that Sasol was planning to transfer its American Depository Receipt (ADR) listing on the NASDAQ, after 20 years, to the New York Stock Exchange (NYSE) in the first quarter of 2003. The NYSE suits Sasol's business, and listing there would allow for easier comparison with peers. No cash would be raised when Sasol moves to the NYSE but it will provide the group with a vehicle to raise capital in the future.
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Sasol -- drilling off Gabon is successful
A Sasol interest, the Etame consortium, announced the successful completion of development drilling in the Etame Field offshore southern Gabon. Oil flows from the Etame 3 and 4 wells substantially exceeded expectations.
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