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Sasol further delays unveiling final results because of additional works at its US ethane cracker project

September 09/2019

MOSCOW (MRC) -- South African petrochemicals company Sasol's 2019 finical results will be delayed further after additional work was commissioned under a review at its US ethane cracker project, it said, sending its share price lower, reported Reuters.

Sasol has delayed release of its 2019 financial results to a date some time before the end of next month, spokesman Alex Anderson said.

The world's biggest maker of coal-derived motor fuel had previously postponed release of its results to Sept. 19 from Aug. 19, citing possible "control weaknesses" at its Lake Charles Chemicals Project (LCCP).

"The board has resolved to commission additional work under the independent review and to stipulate for in-depth investigation into certain aspects contemplated under the original scope," Sasol said in a statement on Friday.

Shares in Sasol were down 3.6% at 261.60 rand by 0841 GMT.

The project in Louisiana, which will convert natural gas into plastics ingredient ethylene, was initially expected to cost USD8.9 billion but that 2014 forecast has since been revised to as much as USD12.9 billion.

Sasol said it would make a further announcement on its results as soon as a date has been determined.

As MRC wrote previously, Sasol's world-scale US ethane cracker reached beneficial operation on 27 August 2019. Sasols new cracker, the heart of our Lake Charles Chemicals Project (LCCP), is the third and most significant of the seven LCCP facilities to come online and will provide feedstock to our six new derivative units at our Lake Charles multi-asset site.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,255,800 tonnes in the first seven months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the estimated PP consumption in the Russian market was 796,120 tonnes in January-July 2019, up by 11% year on year. Shipments of PP block copolymer and homopolymer PP increased.

Sasol is an international integrated chemicals and energy company that leverages technologies and the expertise of our 31 270 people working in 32 countries. The company develops and commercialises technologies, and builds and operates world-scale facilities to produce a range of high-value product stream, including liquid fuels, petrochemicals and low-carbon electricity.
Author:Margaret Volkova
Tags:PP, PE, PP block copolymer, homopolymer PP, propylene, ethylene, Sasol, Russia, USA.
Category:General News
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