Sasol is not considering further new investments before 2020 of the size of the recently completed R13.6bn Fischer-Tropsch wax expansion plant in Sasolburg as its priorities are to fund its Sasol Khanyisa black empowerment shareholding scheme and reduce gearing, says joint president and CEO Bongani Nqwababa. The group is completing two substantial investments, the Lake Charles chemicals complex in Louisiana, US and the development of new oil and gas wells in Mozambique. Management said in December it was completing a review of all its assets and had earmarked its Canadian shale gas assets for sale. Its growth focus in the long term will be speciality chemicals for the global market, fuel retail in SA and exploration/production in Mozambique and West Africa. The firm’s immediate targets are to bring down gearing from 44% to about 30% once the peak funding period has passed, and then to gradually increase the proportion of dividends paid as a proportion of earnings. Sasol will release...
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