Tag: fleetwood grobler
Petrochemicals group Sasol has reported an annual loss that has been spurred on by its R111.6 billion write-down and a drop in oil and chemical prices. Its core headline earnings fell by 61 per cent and earnings were also impacted by the R6 billion in finance charges for its Lake Charles Chemicals project. Fleetwood Grobler, CEO of Sasol CEO, Fleetwood Grobler.
Petroleum giant Sasol plans to cut jobs and end the West African oil operations. This comes as Sasol has reviewed its business struggle with high debt levels and falling oil prices. Fleetwood Grobler, President and CEO for Sasol joins CNBC Africa for more.
Sasol’s share price which has been propelled by a stronger oil price said a small number of employees have tested positive for COVID-19 and are receiving its full support. The petrochemicals company also said it is reducing its fuel production due to the unprecedented decline in demand since South Africa started its lockdown on the 27th March. Sasol CEO, Fleetwood Grobler joins CNBC Africa for more.
Sasol has announced measures to stabilise its balance sheet including a potential $2 billion rights issue in the wake of lower oil prices and COVID-19 headwinds will it be enough to stabilise the crash of its share price which is down almost 90 per cent this year? Sasol CEO, joins Fleetwood Grobler for more.
South African petrochemicals group Sasol’s headline earnings per share dropped 74 per cent to R5.94, weighed down by problems at its Lake Charles Chemicals project in the United States and softer chemical and Brent crude oil prices. CNBC Africa is joined by the Sasol CEO, Fleetwood Grobler for more.
Sasol’s share price spiked more than 12 per cent today following the stepping down of the joint chief executives, Bongani Nqwababa and Stephen Cornell. The chemicals company is trying to restore business confidence after a review of the company’s Lake Charles Chemicals project in the United States and a decrease in adjusted earnings for the year ended in June. The US project was initially expected to cost $8.9 billion but that 2014 forecast has since been revised to as much as $12.9 billion. Sasol also scrapped dividends to strengthen its balance sheet. Fleetwood Grobler, President and CEO designate, and Paul Victor, the CFO join CNBC Africa for more.