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South Africa’s Sasol signals larger cost-cut on lower crude prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/09/2016 (13:47)
In a press release on its website, South Africa’s Sasol announced its financial statements for the year ended on June 30 2016. The company’s net profit plunged 55% to 13.2 billion South African rand ($914.4 million) for full fiscal year compared with the previous fiscal year despite cost reductions and higher oil output. During the same period, the company’s revenues also declined 6.6% to 172.9 billion rand.

The company reported that they expect to implement a cash cost savings of 2.5 billion rand through 2019, a billion rand more than it had previously targeted in cost reductions as they believe that global oil prices will remain on a soft note for a much longer time.

Regarding its petrochemical project in the US, the company stated that the project will triple its chemical production capacity in the US. According to media reports, the company previously announced that its petrochemical project in Calcasieu Parish, Louisiana will be launched in 2019, a year later than planned, due to decreased profits caused by low oil prices.
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