Tag: Stephen Cornell

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.

Sasol’s joint CEOs Bongani Nqwababa and Stephen Cornell voluntarily resigned following a review of its Lake Charles Chemicals project, which has been hit by delays and rising costs. Sasol’s share price has lost more than a third of its value in 2019 and has declared that they will not declare a dividend in this reporting period. Portfolio Manager at Benguela Global Fund Managers, Karl Gevers joins CNBC Africa for more.

Sasol’s shares have plummeted by over 12 per cent after costs for its Lake Charles chemical plant jumped to more than $12.9 billion. This works out to a 50 per cent increases in expected costs. According to Sasol, at the end of March the project completion was at 96 per cent. Joining CNBC Africa for more is Stephen Cornell, joint CEO of Sasol.

At the World Economic Forum in Davos, CNBC Africa's Fifi Peters caught up with Bongani Nqwababa, and Stephen Cornell, who are Joint Presidents and Chief Executive Officers for Sasol South Africa and America respectively. Among the topics explored in the interview are the 4th Industrial Revolution and shaping a new framework for globalisation; shale gas and Sasol’s outlook on the oil price in the next 5 years; as well as investor confidence in Mozambique and the State of Capture Inquiry in South Africa.

At the World Economic Forum in Davos, CNBC Africa's Fifi Peters caught up with Bongani Nqwababa, and Stephen Cornell, who are Joint Presidents and Chief Executive Officers for Sasol South Africa and America respectively. Among the topics explored in the interview are the 4th Industrial Revolution and shaping a new framework for globalisation; shale gas and Sasol’s outlook on the oil price in the next 5 years; as well as investor confidence in Mozambique and the State of Capture Inquiry in South Africa.

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