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Tshwarisano enters into BEE deal with Sasol
Sasol yesterday announced that the R1.45 billion Tshwarisano broad based black economic empowerment transaction has been successfully concluded. In terms of the agreement, Tshwarisano has acquired a 25% shareholding in Sasol's liquid fuels business housed in Sasol Oil (Pty) Ltd.
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Sasol hedges 45 000 barrels of oil
Sasol announced that it had, for its 2007 financial year which commenced 1 July 2006, entered into hedging transactions (zero cost collars) for 45 000 barrels of oil per day (equivalent to approximately 30% of its South African synfuels production). In terms of this hedge Sasol will be protected should monthly average dated Brent crude oil prices decrease below USD63,00 per barrel on the hedged portion of production, and conversely Sasol will incur opportunity losses on the hedged portion of production should monthly average oil prices exceed an average USD83,60 per barrel. This is in line with Sasol's approach to consider oil price hedging on an annual basis to improve the stability and predictability of its cash flows. The zero cost collar structure is similar to the oil price hedging concluded for the 2006 financial year when a floor price of USD45 per barrel was achieved and upside was limited to USD83 per barrel, also on 45 000 barrels of oil per day. During the 2006 financial year oil prices did not fall below USD45 per barrel or increase above USD83 per barrel and no cash flows, therefore, emanated from the hedging. Appropriate disclosure of this hedging will also be made in the group's 2006 annual report.
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Sasol comments on bribery investigation in Namibia
Commenting on investigations into alleged bribery in a R800 million fuel deal partnership in Namibia, Sasol spokeswoman, Marina Bidoli, told business day, "we are not aware of any irregularities involving Sasol or our partners,"
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Sasol may sign CTL deal with China
Sasol and China may sign a deal for the second stage of a feasibility study into two Coal-To-Liquid plants in Western China. Business Report noted in an article on 19 June 06 that the plants had the capability of manufacturing 160 000 barrels of fuel a day.
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Sasol GTL plant to pay for itself in three years
Commenting on the gas-to-liquid plant launched in Qatar by Sasol, Business Day noted that the group would be able to pay for the project cost in a mere two-and-a-half to three years.
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Sasol reissues trading statement
When Sasol on 7 March 2006 announced its interim financial results for the six months ended 31 December 2005, the company commented "Assuming lower oil and commodity chemical prices and a stronger rand relative to the first half, earnings in the second half of the financial year are expected to be considerably lower than the first half year although pleasing growth in earnings for the full financial year is anticipated."
Contrary to expectations, average international oil prices in the second half of the financial year are anticipated to be approximately 8% higher than in the first half. The average rand: US dollar exchange rate is expected to be approximately 6% stronger than in the first half, in line with expectations. As a consequence, while earnings in the second half of the financial year are still expected to be lower than in the first half year, headline earnings per share for the full financial year are expected to be between 20% - 25% higher than those achieved in the previous financial year. Attributable earnings per share are expected to be between 35% - 40% higher, with the difference in the increases arising because of capital effects of about R1.2 billion in the previous financial year.
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