Sasol’s shares plunge 14.7% on major cost overruns in US
The group has installed a new leadership team to strengthen oversight at the US chemicals unit
Sasol’s shares fell as much as 14.7% to R367.83 on Wednesday after the company said its chemicals project in the US could cost as much as $1.1bn (R15.9bn) more than it expected just three months ago.
The cost estimate for the group’s Lake Charles project in Louisiana has been revised to between $12.6bn and $12.9bn, which includes a contingency amount of $300m, the company said on Wednesday. ..