Sasol share price lifts on news of Lake Charles progress
First polyethylene production unit comes online at Louisiana chemicals site
Sasol’s share price jumped the highest in 10 weeks after the company announced the first production unit at its Lake Charles Chemicals Project came online on Wednesday. The boost from the market has helped to reverse all the losses the share price suffered after the synfuels and chemicals company on Friday warned of further delays and cost overruns at the Louisiana site. “Sasol is pleased to announce that its new linear low-density polyethylene unit in Lake Charles achieved beneficial operations on 13 February 2019,” the company said in a statement. The unit is the first of seven to come online, it said. The share price rose 5.59% to R412 and marks a full recovery from the beating it took last week Friday, when it closed 6.5% lower at R384.78 — its biggest one-day drop since September 2017. In Friday’s trading statement Sasol warned that the Lake Charles project was expected to cost between $11.6bn and $11.8bn, a sudden upward revision from a previous estimate of $11.13bn. The compa...
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