sasol news lake charles

Sasol Ltd., the fuel and chemicals maker, shut its $13 billion Lake Charles Chemicals Project due to Hurricane Laura, which made landfall earlier Thursday on the U.S. Gulf Coast. Share this article. The 470ktpa LLDPE unit is one of two polyethylene plants at the Louisiana site and uses Univation Technologies’ UNIPOL PE process. Sasol Limited Jan 14, 2020, 09:38 ET. They rose as much as 2.1% on Tuesday after news of the planned Lake Charles stake sale, before trading 1.1% lower at the close in Johannesburg. Read also: Sasol shares set to surge – With insights from The Wall Street Journal. The LDPE unit has 420,000 tonnes per year of capacity and uses technology from ExxonMobil. The reviews and investigations initiated by management to date indicate that the underlying control weaknesses are limited to LCCP. Sasol’s low-density polyethylene (LDPE) unit in Louisiana has reached beneficial operation, the last part of the Lake Charles Chemicals Project (LCCP) to start up. Problems at Sasol re-emerged in August 2020 when the company reported a full-year loss of R91.3bn as well as R112bn write-downs related to the Lake Charles project. As previously communicated to the market, management has substantially completed the detailed asset review programme. Sasol Confirms Incident at Lake Charles Chemicals Project (LCCP) Low-Density Polyethylene Unit News provided by. The company hired 800 more workers during the expansion in addition to 450 existing employees at the complex. Sasol had intended to reach beneficial operations at the LDPE unit towards the end of October. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Please note: One billion is defined as one thousand million. Sasol will retain full ownership and continue to operate its research and development complex, an ethane cracker and a performance chemicals business in Lake Charles. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. The Lake Charles Chemical Complex produces products used in cleaning, detergents and cosmetics. The company also noted the positive local impact of its Lake Charles work. Good news for long suffering Sasol shareholders. The company hired 800 more workers during the expansion in addition to 450 existing employees at the complex. Sasol will retain full ownership and continue to operate its research and development complex, an ethane cracker and a performance chemicals business in Lake Charles. The bad news from Sasol Ltd.’s chemical project in Louisiana keeps stacking up. High voltage transmission line corridors into the Lake Charles area are damaged, and the full assessment is still in progress by a local power company. Email: investor.relations@sasol.com, www.sasolinsport.com/wheelchair-basketball, Update on the Lake Charles Chemicals Project. Sasol is a global integrated chemicals and energy company spanning 30 countries. Sasol, GrnCat welcome success of solution to recover wax from spent catalysts Engineering News 14:50 9-Feb-21 Sasol reuses wax from spent catalysts as part of commitment to responsible production and… The completion of this unit and its impending transition to our joint venture with LyondellBasell will accelerate our transformation to a more specialty chemicals-focused company with a strong presence of base chemicals in our portfolio.”. The only revision to the schedule is the Guerbet Unit which will now be on stream in February 2020. This review identified significant additional concerns related to the LCCP forecasting process and a marked increase in the projected total cost.  The review also confirmed that the actual project expenditure as at 31 December 2018 amounting to $10,9 billion was accurate and complete. I expect a good performance from this share in the second half of this year as Lake Charles ramps up full production and oil market tightens.-- … In addition, our Lake Charles production was impacted by hurricanes experienced in the US Gulf Coast, resulting in lost production of approximately 300kt for the 2021 financial half year. Damage from explosion to Lake Charles and income loss not severe. All references to years refer to the financial year 30 June. JOHANNESBURG, Sept. 21, 2020 /PRNewswire/ -- Hurricane Laura made landfall on 27 August 2020 near Sasol's Lake Charles Chemical Complex in Southwest Louisiana, and is … The Company will target the disposal of assets which have an aggregate net asset value exceeding $2 billion. … Sasol warned recently of a loss on the Lake Charles project in 2020. A contingency of $300 million has also been included. (KPLC) - Several viewers reported hearing a loud boom in the area about 1:25 p.m. Despite the continuing ramp-up of the project, further price weakness means that the EBITDA contribution from Lake Charles for financial year 2020 has been revised to a loss of $50–100 million, the company says. Sasol’s Official YouTube channel showcases our people, technology and initiatives. Sasol is completing a major expansion of Lake Charles. The drivers of the changes in capital costs are understood and a series of mitigating actions are being taken to ensure delivery within the revised parameters. As of January, Sasol has more than 1,250 employees at the Lake Charles site. Email: sasolqueries&enquiries@sasol.com, Telephone: +27(0) 10 344 9280 The company said capital expenditure on the total LCCP was around $12.8 billion, within the range forecast. Sasol’s balance sheet is sufficiently robust and management actions are focused on deleveraging the balance sheet, simplifying the asset portfolio and executing our value based strategy. Sasol to hold job readiness forum in Lake Charles: Jan. 26, 2016: Sasol delivering on Louisiana First commitment: Nov. 11, 2015: Sasol breaks ground on world-scale ethane cracker and derivatives project: Mar. Shareholders are advised that, for the 2021 financial half year: As of January, Sasol has more than 1,250 employees at the Lake Charles site. The LDPE unit started on November 15. Operating costs for the LCCP, although projected to be slightly elevated during start-up, are otherwise still in line with previous guidance. Sasol (SSL +0.6%) says seven chemical manufacturing units at its Lake Charles Chemical Project in Louisiana have returned to operation after being shut due … Sasol share surges as heads roll over Lake Charles project Bongani Nqwababa and Stephen Cornell will be replaced by Fleetwood Grobler, executive vice-president for chemicals BL PREMIUM Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. JOHANNESBURG, Aug. 31, 2020 /PRNewswire/ -- On 27 August 2020, Hurricane Laura made landfall near Sasol's Lake Charles Chemicals Complex in Southwest Louisiana. LCCP’s schedule remains on track with the Ethylene Glycol/Ethylene Oxide Unit due to achieve beneficial operation within days. The only revision to the schedule is the Guerbet Unit which will now be on stream in February 2020. Shares at R245 - down 12%.-- … Sasol Ltd. reported an annual loss after $6.5 billion in asset writedowns and the scheduling of a rights issue as its struggles continued amid the coronavirus pandemic. Share this article. © Energy Voice 2021. JOHANNESBURG - Petrochemicals giant Sasol is assessing the impact of last week’s explosion and fire at its controversial $13 billion Lake Charles Chemical Project (LCCP) in Louisiana. --Hurricane Laura made landfall on 27 August 2020 near Sasol's Lake Charles Chemical Complex in Southwest Louisiana, and is one of the strongest hurricanes on record to hit the United States. I expect a good performance from this share in the second half of this year as Lake Charles ramps up full production and oil market tightens.-- … LyondellBasell to take stake in Sasol Lake Charles assets for $2bn. (KPLC) -A new report says of the nation’s 100 biggest air toxics polluters, the Sasol complex of Lake Charles ranks number two. Unlimited web access from just £12.50 per month. The new project leadership has been instrumental in identifying and remediating these issues. Sasol, GrnCat welcome success of solution to recover wax from spent catalysts Engineering News 14:50 9-Feb-21 Sasol reuses wax from spent catalysts as part of commitment to responsible production and… 27, 2015: Sasol launches text notification system for construction-related updates: Mar 16, 2015 Johannesburg, South Africa – Sasol has today updated its guidance for LCCP following a review process to assess the project costs and schedule. Shares at R245 - down 12%.-- … The noise came from Sasol, which is reporting a fire at its Lake Charles West plant. Following this announcement a number of changes were made to the management of LCCP, with project accountability immediately reassigned to the Executive Vice President of Chemicals, Fleetwood Grobler and the strengthening of our project controls organisation. The Lake Charles base chemicals unit includes a 1.5-million-ton ethane cracker, 900,000-ton low and linear-low density polyethylene plants and associated infrastructure. Trauma of the day - Sasol delays announcement of its 2019 financial results until independent review and external audit has been completed. Sasol has a presence in Canada and the US. Sasol it had created more than 800 full-time jobs and 6,500 during construction. South African petrochemicals firm Sasol said on Friday chemical company LyondellBasell Industries had agreed to acquire a 50% stake in its Lake Charles Chemical Project (LCCP) Base … This broadly relates to investigation into cost overruns and delays at Lake Charles project in Louisiana. The LDPE unit is the seventh and final unit of the Lake Charles Chemicals Project (LCCP) to become operational. In addition, our Lake Charles production was impacted by hurricanes experienced in the US Gulf Coast, resulting in lost production of approximately 300kt for the 2021 financial half year. The principal factors that impacted the revised cost estimate to complete LCCP are adjustments to the February 2019 cost forecast of approximately $530 million and additional events and remaining work impacting February 2019 cost forecast – approximately $470 million. The ballooning cost of Sasol Ltd.'s $12.9 billion Lake Charles Chemicals Project prompted the board of directors to negotiate a separation agreement for its co-CEOs this week and for several Johannesburg, South Africa – Sasol has today updated its guidance for LCCP following a review process to assess the project costs and schedule.LCCP’s schedule remains on track with the Ethylene Glycol/Ethylene Oxide Unit due to achieve beneficial operation within days. Read also: Sasol shares set to surge – With insights from The Wall Street Journal. The forecast total capital cost for the project has increased to $12,6 – 12,9 billion, including a $300 million contingency. (Bloomberg) -- Sasol Ltd., the fuel and chemicals maker, shut its $13 billion Lake Charles Chemicals Project due to Hurricane Laura, which made landfall earlier Thursday on the U.S. Gulf Coast. The latest Sasol media releases and company news from the Sasol family of businesses. As a result, Sasol expects: By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Hurricane Laura, which made landfall on August 27, disrupted operations at the LCCP. Underscoring this is that the revised Lake Charles cost of up to $12.9 billion (R185 billion) is about 78% of Sasol’s market capitalisation (R238 billion at the time of writing). This broadly relates to investigation into cost overruns and delays at Lake Charles project in Louisiana. Lake Charles, approved in 2014 at an estimated cost of $8.1 billion, exceeded its “worst-case scenario” for price over the last few years as problems continued to deepen. Rough ride in Louisiana. Sasol Says Lake Charles Shut Without Damage from Hurricane Delta By . Sasol Limited Jan 14, 2020, 09:38 ET. Trauma of the day - Sasol delays announcement of its 2019 financial results until independent review and external audit has been completed. Sasol and LyondellBasell announced a joint venture in October. Sasol had put the assets in play after the leverage required to complete Lake Charles peaked at the same time that oil prices crashed and the coronavirus pandemic spread across the globe, causing the global economy to crash in the second quarter of the year. JOHANNESBURG, Aug. 31, 2020 /PRNewswire/ -- On 27 August 2020, Hurricane Laura made landfall near Sasol's Lake Charles Chemicals Complex in Southwest Louisiana. Sasol is completing a major expansion of Lake Charles. Sasol shares have been in freefall since investors saw pressure building on the balance sheet, sliding 82% this year. Share this article. Hurricane Laura made landfall on 27 August 2020 near Sasol's Lake Charles Chemical Complex in Southwest Louisiana, and is one of the strongest hurricanes on record to hit the United States. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. Latest Business News … Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves and cost reductions, including in connection with our BPEP, RP and our business performance outlook. Any reference to a calendar year is prefaced by the word “calendar”. Â, 29 Brickfield Road, Salt River, Cape Town, Shop 4, Corner Voortrekker Rd & Durban RD, Bellville, Unit number 3 access park, Chichester road, Kenilworth, (021)6714778,               Â, (021)9031294                 061 287 3980                    Â, Cnr Grimsby & Leicester Rd, Mobeni, Durban, (031)4620540                     W\House                 (031) 469 9409, 21A Pier 14, Shopping Centre, Port Elizabeth, (041)4841575                   083 5176 728,  13 Sparten Crescent ,Marlboro  , Ext 3 Johannesburg,  Maponya Shop 200 2127 Chris hani Road, klipspruit ext5 Soweto, (011) 933 1023             Â, Shop 155 Umlazi Mega City 50 Griffiths Mxenge Highway Umlazi,  Lifes on Kloof, 50 Kloof Street, Gardens ,Cape Town, shop G-15, (021) 422 1593            078 211 8051, Shop 619 Canal Walk , Century  BLVD, Century City , Cape Town 7441, Shop 80B  Montecasino, No1 Monticasino Bouelvard  Fourways , 2191 Magents, Shop UF 42 & 43 cnr atterbury road & lois avenue , menlo park , Pretoria, SHOP 608 LEONORA DRIVE,DOLPHIN COAST,BALLITO,4399, Shop GF08, The Zone, Rosebank mall, Oxford Street, Johannesburg, Shop 08 , Century Blvd , Century City 7441, (021) 551 2533                     JP CELL: 064 686 4026               Â, Shop 21 Montecasino, No1 Monticasino Bouelvard  Fourways , 2191 Magents, (011) 465 6721                      074 669 6310                  073 804 4352              079 884 7607, MENLYN MALL , SHOP G190 CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA,  (012) 348 4725            073 8677 468 - Sieya  , kiley , OUPA, Micheal, 061 521 7446                032 586 1467, MENLYN MALL ,LF41A CNR ATTERBURY ROAD & LOIS AVENUE,MENLO PARK,PRETORIA, Vicky - 078 816 1921  land line -  012 348 4766, Sasol Place50 Katherine StreetSandtonSouth Africa2196, Telephone: +27(0) 10 344 5000 The first derivative unit, Linear Low Density Polyethylene (LLDPE), achieved beneficial operation on 13 February 2019 and the plant continues to ramp up in line with expectations.  We have achieved beneficial operation of the Ethylene Glycol unit (EG), with beneficial operation of the Ethylene Oxide unit (EO) expected in the coming days.  The Ethane Cracker is still expected to achieve beneficial operation in July 2019.  The remainder of the LCCP schedule for beneficial operation is as previously indicated in February 2019 apart from the beneficial operation of the last derivative plant (Guerbet unit), which is expected to be one month later in February 2020.  As of the end of March 2019, overall project completion was at 96%, with construction completion at 89% and capital expenditure on the project amounted to $11,4 billion. bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references brent crude, mmboe – million barrels oil equivalent. (KPLC) -A new report says of the nation’s 100 biggest air toxics polluters, the Sasol complex of Lake Charles ranks number two. LAKE CHARLES, La. Sasol says seven units at Lake Charles operating after hurricane. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2018 and in other filings with the United States Securities and Exchange Commission.

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