News Post
Sasol plans to refocus on chemicals and energy in West Africa
Sasol of South Africa is planning to discontinue its oil growth activities in West Africa in favor of chemical and energy advancement. The company had been reviewing its activities in the face of struggles related to debt, low prices, and lower demand overall due to the Covid-19 effect on the industry.
Sasol is expected to primarily target gas as a feedstock, followed by renewables as an alternate feedstock plan. Specific details and plans were not announced at this time, but the revised business model for this plan is expected to be announced in the second quarter of 2021. This revamp of plans is likely also put into motion with another delay in Sasol’s Lake Charles Chemical project in Louisiana, which has seen costs rise to over $11 billion dollars. The company is hoping that this new direction will enable better cash flow, shareholder satisfaction, and an increase in overall company stability.
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