Edition:
India

Sasol Ltd (SOLJ.J)

SOLJ.J on Johannesburg Stock Exchange

42,450.00ZAc
11 Dec 2017
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Latest Key Developments (Source: Significant Developments)

Sasol increases existing revolving credit facility to US$3,9 bln
Thursday, 23 Nov 2017 

Nov 23 (Reuters) - SASOL LTD ::‍SASOL SIGNS US$3,9 BILLION FIVE-YEAR REVOLVING CREDIT FACILITY​.‍INCREASED EXISTING US$1.5 BILLION REVOLVING CREDIT FACILITY TO US$3,9 BILLION AND EXTENDED MATURITY TO FIVE YEARS​.SASOL - ‍LAUNCHED TRANSACTION WITH TARGETED FACILITY SIZE OF US$3,0 BILLION, WHICH WAS SUBSEQUENTLY INCREASED TO US$3,9 BILLION, GIVEN NOTABLE OVERSUBSCRIPTION​.  Full Article

Sasol Ltd says will not invest in further greenfields gas-to-liquids projects
Thursday, 23 Nov 2017 

Nov 23 (Reuters) - SASOL LTD ::TO DATE, SASOL HAS COMPLETED REVIEWS ON MORE THAT HALF OF ITS GLOBAL ASSETS.REVIEWS HAVE CONFIRMED THAT THE MAJORITY OF THE CO’S ASSETS WILL BE RETAINED.REVIEWS CONDUCTED IDENTIFY CANADIAN SHALE GAS ASSET AS BEING NON-CORE; WILL COMMENCE DIVESTMENT PROCESS INVOLVING PARTNER PROGRESS ENERGY.IN CO'S CHEMICALS BUSINESS, WILL PROGRESSIVELY GROW ITS PORTFOLIO OF SPECIALTY CHEMICALS.ON THE UPSTREAM FRONT, WILL PURSUE GROWTH IN E&P BOTH IN MOZAMBIQUE AND IN SELECTED COUNTRIES IN WEST AFRICA.IN THE 2022 PLUS TIMEFRAME, CONFIDENT THAT WILL BE IN A POSITION TO INCREASE DIVIDEND PAYOUT TO 45 PERCENT OR 2,2 TIMES COVER.WILL NOT INVEST IN FURTHER GREENFIELDS GAS-TO-LIQUIDS (GTL) PROJECTS; WILL NO LONGER PURSUE PROPOSED GTL PROJECT IN THE US.VALUE PROPOSITION FOR CO TO BUILD NEW GTL PROJECTS IS "UNECONOMIC" AGAINST A VOLATILE EXTERNAL ENVIRONMENT.DECIDED NOT TO INVEST IN ANY ADDITIONAL CRUDE OIL REFINING CAPACITY.  Full Article

Sasol amends plan to issue shares to settle Sasol Inzalo debt
Monday, 9 Oct 2017 

Oct 9 (Reuters) - SASOL LTD ::SASOL AMENDS PLAN TO ISSUE ADDITIONAL SHARES TO SETTLE EXPECTED OUTSTANDING SASOL INZALO DEBT .‍AMENDS PLAN TO ISSUE ADDITIONAL SHARES TO SETTLE EXPECTED OUTSTANDING SASOL INZALO DEBT​.‍BASED ON RECENT TRADING OF SHARE PRICE, CURRENT CONDITIONS WOULD NOT ALLOW CO TO MEET 2008 OBLIGATIONS AND CREATES A FUNDING SHORTFALL OF R2 BILLION- R3 BILLION​.‍SHORTFALL WILL BE MADE GOOD BY SASOL IN TERMS OF A GUARANTEE GRANTED IN RESPECT OF A PORTION OF PREFERENCE SHARE FUNDING​.‍NOW UNDERTAKING TO EXPLORE, IN CONSULTATION WITH EXTERNAL BANKS AND INZALO FUNDCOS, DIFFERENT FUNDING OPTIONS TO SETTLE RELEVANT FINANCING OBLIGATION​.‍NO LONGER PURSUE PREFERRED FUNDING OPTION OF ISSUING UP TO 43 MILLION ORDINARY SHARES THROUGH AN ACCELERATED BOOK-BUILD PROCESS​.‍INTENTION IS TO MITIGATE AMOUNT OF SHAREHOLDER DILUTION WHILST STILL MAINTAINING CO'S INVESTMENT GRADE CREDIT RATING​.‍WILL COMMUNICATE ITS FINAL PLAN FOR SETTLING INZALO FUNDCOS' DEBT IN FEBRUARY 2018​.  Full Article

Sasol raises price tag for Lake Charles project
Tuesday, 23 Aug 2016 

Sasol Ltd : Project is under construction near Lake Charles, Louisiana in USA, adjacent to Sasol's existing chemical operations . An independent third party review of estimate has also been carried out . Detailed review has confirmed that total capital cost for project is expected to be $11 bln, which includes site infrastructure and utility improvements . Cash savings that have been achieved from company's low oil price response plan, and cost savings resulting from business performance enhancement programme, are both well ahead of previously communicated targets . This is an increase of $2.1 bln from original estimate at time of final investment decision (FID) in October 2014 . At June 30 2016, capital expenditure to date on LCCP was $4.8 bln, and overall project completion was around 50 pct . Schedule for LCCP remains same as communicated on June 6 2016 . At June 30 2016, capital expenditure to date on LCCP was $4.8 bln, and overall project completion was around 50 pct . First unit, linear low-density polyethylene unit, is expected to achieve beneficial operation in second half of calendar year 2018 . Remaining derivative units will reach beneficial operation by second half of 2019 . Even though expected capital expenditure for LCCP has increased, we do not expect this to result in company exceeding its self-imposed gearing targets.  Full Article

Sasol sees fy HEPS down between 10-30 pct
Monday, 6 Jun 2016 

Sasol Ltd : Heps for financial year ending 30 June 2016 are expected to decrease by between 10 pct and 30 pct (approximating r4,98 to r14,93 per share) . Volatile macroeconomic environment, in particular lower crude oil prices, has had a significant impact on earnings .Fy EPS are expected to decrease by between 53% and 73% (approximating r25,82 to r35,56 per share).  Full Article

UPDATE 1-Sasol dumps $13-$15 bln U.S. project, to exit Canadian shale

* Company plans to divest from Canadian shale assets (Adds increased credit facility)