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Sasol - unit achieves beneficial operation
In our announcement of 26 August 2019, we confirmed that the 72-hours beneficial operation production test run on the LCCP's Ethane Cracker was at the halfway mark. This test run has now been completed and we have achieved beneficial operation of the unit.
The plant continues to operate stably at a capacity utilisation of around 50%. The current output is utilised by our downstream units and the remainder is sold to external customers. We continue to focus on improving the ethylene quality and ramp up the plant in accordance with our plans.
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Sasol - LCCP update announcement
As noted in Sasol's 16 August 2019 communication, a problem relating to a large heat exchanger on their Ethane Cracker which interrupted the start-up for several days was successfully resolved and start-up resumed. Sasol is currently halfway through achieving their 72 hour beneficial operation production test run on the Ethane Cracker.
"On 24 August 2019, we reached the important milestone of producing ethylene at the Lake Charles Chemicals Project ("LCCP") that meets the feedstock requirements of some of our downstream units. However, the ethylene produced is marginally below polymer grade specification due to the acetylene reactor system that is not performing as expected. Efforts to upgrade ethylene to polymer grade specification are underway with the support of the catalyst supplier and the technology licensor.
We are currently operating the plant stably at a capacity utilisation of around fifty percent which is in line with our ramp-up plan. The ability to manage our facilities and meet our production needs in the US as an integrated site, now allows us the flexibility to consume this ethylene produced internally and to place it externally.
The further ramp up in volumes will be executed as these current operational issues are resolved."
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Sasol - response to investor enquiries
In Sasol's announcement of 16 August 2019, the Company informed investors of the delay of the release of its 2019 financial results and related suite of reports. This will allow for the completion of management's assessment and remediation of possible control weaknesses followed by the consideration of these assessments by Sasol's external auditors.
As is normal practice, the Company has engaged with investors and analysts in response to the announcement. Sasol confirms that no material or price sensitive information other than that contained in the announcement was discussed in any of these engagements.
Request for clarification may be directed to our investor relations team on investor.relations@sasol.com or +27 (0)10 344 9280.
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Sasol - update on board review & delay in results
In the Company's Trading Statement of 25 July 2019, updated guidance was provided on the independent review commissioned by the Board to ascertain the factors that impacted the cost and schedule changes for the Lake Charles Chemicals Project (LCCP).
A preliminary report from the independent review was presented to the Board on 14 August 2019. The report contains observations which point to possible LCCP control weaknesses. Management and the Board will assess such control weaknesses and identify whether any further remedial actions are required. In addition, the Company's auditors are required to consider these assessments in terms of International Standards on Auditing and the Auditing Standards of the Public Company Accounting Oversight Board.
As a consequence, the Board has decided to delay the announcement of Sasol's 2019 financial results until the independent review and external audit has been completed. The Board therefore expects to announce the 2019 financial results on 19 September 2019. At that time, Sasol will also release its suite of reports including the Annual Financial Statements, Annual Integrated Report, Sustainable Development Report, Climate Change Report and Annual Report on Form 20-F.
Notwithstanding the independent review, the Board remains confident that the guidance on the earnings ranges provided in the Trading Statement and the previous cost guidance for the LCCP of USD12.6-12.9 billion remain unchanged.
LCCP
LCCP update
Sasol provided an update on the LCCP in its Trading Statement of 25 July 2019, in which the Company stated that beneficial operation of the Ethane Cracker was expected at the end of July 2019 or soon thereafter.
The final stages of the Ethane Cracker startup were initiated in July 2019. As is often the case with major plant startups, a technical challenge relating to a large heat exchanger was encountered. As a result, the Cracker startup was interrupted for several days to resolve this issue. The startup has now resumed and an update on the achievement of beneficial operation will be provided on or before 26 August 2019.
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