|
|
Sasol to produce first oil from Mozambique
Business Day reported Sasol Petroleum International MD, Ebbie Haan, as saying that Mozambique's first commercial production and sale of crude oil is set for 2014 from a small but profitable inland oil field at Inhassoro. Mr Haan added that it is a small development but "it is a sign perhaps there is more."
|
| |
Sasol chief financial officer update
In the first three months of the 2014 financial year, Sasol has delivered solid financial results, despite the ongoing global economic uncertainty and industrial action in South Africa. Sasol Synfuels delivered a strong operational performance, despite a planned total and phase shutdown of the east factory, which took place in September 2013. The group's ORYX gas-to-liquids (GTL) operations continue to exceed our expectations and the utilisation rate for the period remained above 100% during the first three months of 2014. The group's other foundation businesses continue to perform in line with 2014 targets. The disposal of our investment in Arya Sasol Polymer Company (ASPC) became effective on 16 August 2013 and Sasol no longer has any investments in Iran.
The group benefited from a weaker rand/US dollar exchange rate as well as improved product prices. The average Brent crude oil price for the three months improved slightly and chemical prices were also higher compared to the prior year comparable period. The demand in the chemicals market continues to remain soft.
Sasol continues to focus on those factors within the group’s control including cost containment, operational efficiencies and margin improvement. Sasol's current cost inflation is expected to be above the indicative South African producers' price index trends for the 2014 financial year. The group is making real progress on Sasol's business performance enhancement programme, as evidenced by the recent announcement we made regarding our revised group executive committee (GEC) and related management structures. The announcement of these structures is an essential step towards transitioning to our new operating model to ensure that Sasol is fit for the future. More detail on the business case, progress and implementation costs of the project will be provided at our interim results announcement in March 2014.
The front-end engineering and design (FEED) phase of Sasol's US mega-projects and specifically our ethane cracker are progressing according to plan. During the period, we have made sufficient progress on the FEED phase of the Uzbekistan GTL project with all technical activities having been completed.
Sasol remains confident that, based on a solid business performance of the group and favourable macroeconomics, the group will deliver strong earnings growth for the 2014 financial year compared to the reported attributable earnings of R26.3 billion in the 2013 financial year.
|
|
Click here for original article
|
| |
Sasol results of annual general meeting
Sasol shareholders are advised that the results of the business conducted at the annual general meeting held on Friday 22 November 2013 in Parktown, Johannesburg, South Africa (including a percentage of the total number of shares voted) are as follows:
Annual general meeting
The audited annual financial statements of the Company, including the reports of the directors, external auditors, audit committee and the nomination, governance, social and ethics committee for the financial year ended 30 June 2013 were presented.
Ms V N Fakude, Dr M S V Gantsho, Ms I N Mkhize and Mr M J N Njeke retired by rotation at the meeting in terms of clause 22.2.1 of the Company's Memorandum of Incorporation ("Sasol's MOI") and were re-elected individually for a further term of office:
Mr P Victor was appointed by the Board in terms of clause 22.4.1 of Sasol's MOI during the course of the year, he retired at the annual general meeting and was elected for a further term.
PricewaterhouseCoopers Incorporated was appointed as auditors of the Company until the next annual general meeting.
The members of the audit committee, Mr C Beggs, Ms I N Mkhize, Mr M J N Njeke and Mr S Westwell were elected individually for the ensuing financial year in terms of sections 94(4) and 94(5) of the Companies Act, 2008 ("the Act"), read with Regulation 42 of the Companies Regulations, 2011.
A non-binding advisory endorsement on the Company's remuneration policy for the year ending 30 June 2014 was obtained.
Special Resolution number 1 approving the revised annual remuneration payable by the Company to non-executive directors of the Company for their services as directors with effect from 1 July 2013, was approved:
Special Resolution number 2 to authorise the Board, subject to compliance with the requirements of Sasol's MOI, section 48 of the Act and the JSE Ltd. Listings Requirements ("Listings Requirements"), to approve the general repurchase by the Company or purchase by any of its subsidiaries of any of the Company's ordinary shares and/or Sasol BEE ordinary shares, was approved.
Special Resolution number 3 to authorise the Board to approve the purchase by the Company of its issued shares from a director and/or a prescribed officer of the Company, and/or person related to a director or prescribed officer of the Company, subject to the provisions of Sasol's MOI, the Act and the Listings Requirements, was approved.
|
|
Click here for original article
|
| |
| |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
