Price jump offsets decline in chemical production in group’s year to end-June
Chemicals and energy group Sasol says bumper oil prices helped offset a fall in chemical production in its year to end-June, with the group’s turnaround still on track as it deals with the fallout from delays and cost overruns at its US Lake Charles project.
Oil prices rose about 45% in the first half of 2021, which is Sasol’s second half, lifted by buoyant demand as the global economy bounced back from Covid-19. Sasol has been pursuing asset sales, including half of its stake in Lake Charles, the construction of which had suffered a number of setbacks, with cost overruns at the mega-project prompting the firing of its co-CEOs in 2019.
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