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Sasol abandon Germany joint venture
Sasol and Total have abandoned a planned joint venture in Germany, which would have been known as Sasol Wax, due to EU anti-trust investigations. The venture would have produced, marketed and sold petroleum-based waxes and bitumen additives.
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Sasol's EPS will be 55% higher
When Sasol released its Interim Results on 7 March 2005, the following was said in the profit outlook statement: `Assuming exchange rates and international oil and commodity chemical prices remain at more-or-less prevailing levels, it is anticipated that attributable earnings in the second half of the financial year should be at least equal to that achieved during the six-months period ended 31 December 2004. In the intervening period, oil prices have been higher and the rand : US dollar exchange rate has been slightly weaker than anticipated. Furthermore, notwithstanding the higher oil prices and the resulting adverse effect on oil-derivative feedstock costs, profits in various chemical businesses are higher than anticipated. As a result, Sasol wishes to announce that rand attributable earnings in the second half of the financial year are now expected to be between 25% and 30% higher than those achieved during the six-month period ended 31 December 2004. Consequently, it is anticipated that attributable earnings and earnings per share for the full financial year ending 30 June 2005, will be between 45% and 55% higher than those achieved in the previous financial year. Headline earnings are expected to increase between 55% and 65% compared to the previous financial year. This revised view has not been audited or reviewed by the company`s auditors.
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Sasol to appeal Tribunal's ruling
Sasol has announced that it intends to appeal against the Competition Tribunal`s ruling in a price discrimination case in which the Tribunal found against Sasol`s volume discounts in the creosote market. The case resulted from a complaint by Nationwide Poles that Sasol Carbo Tar charged Nationwide Poles 18% more than their competitors. Price discrimination is unlawful when it is practised by a dominant entity without any economic justification for it. The Tribunal found that Sasol Carbo Tar was dominant in the creosote market and that it had discriminated on the basis of price between large and smaller customers such as Nationwide Poles. In interpreting the Competition Act, the Tribunal found that it was not a requirement that Nationwide Poles prove that this price discrimination had an anti-competitive effect in the relevant market. The effect of this judgement is accordingly that prohibited price discrimination may be found to exist even in the absence of proof that volume based discounts adversely affect competition in the relevant market.
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Sasol to provide USD1.7bn for GTL contract
Sasol is to provide technology and risk-based finance for USD1.7bn GTL contract in Nigeria. The USD1.7bn engineering, design and procurement contract for the Escravos Gas to Liquids plant (EGTL) in Nigeria has been awarded to Team JKS (a consortium of Japan Gas Corporation, KBR and Snamprogetti). EGTL will use Sasol`s world-renowned Slurry Phase DistillateTrade Mark (SPD) Fischer-Tropsch (F-T) process and Sasol, the South African-based petrochemical company, is also providing a portion of the risk-based finance for the project. The announcement was made in Nigeria by the EGTL owners, the Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL), earlier today. This contract provides a major boost to the development of GTL diesel, which is set to revolutionise the performance of diesel technology and improve air quality by reducing vehicle emissions. The plant will be built at the CNL facility at Escravos in Nigeria`s Delta province and is planned to produce 34 000 barrels per day of GTL products including GTL diesel, GTL naphtha and a small amount of liquefied petroleum gas (LPG).
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Sasol receives highest short term credit rating
Sasol announced on 4 April 05 that it had received a long term credit rating of Aa3.za and the highest SA short term rating of Prime-1.ZA by Moody`s.
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