DURBAN – Sasol’s share price fell as much as 16 percent on the JSE on Friday morning after the international integrated chemicals and energy company said it had postponed the release of its 2019 results after spotting some weaknesses in its Lake Charles Chemicals Project .The Louisiana-based LCCP consists of a 1.5 million-ton-per-year ethane cracker and six downstream chemical units. It is under construction near Lake Charles, adjacent to Sasol’s existing chemical operations.
Sasol shares declined to R233.93 a share on the JSE in the morning to its lowest levels since 2007, down from Thursday’s closing price of R278.15. The company said that a preliminary report from the independent review was presented to the board on August 14, and it contained observations which point to possible LCCP control weaknesses.
“The growing cost overruns of LCCP are concerning for Sasol, especially when seen together with the preliminary report pointing towards a possible lack of robust controls in the project. The costs at LCCP have escalated by 50 percent from the initial estimates to almost $13 billion , as weather and construction delays continue to hamper progress.
In a trading statement in July, Sasol warned of lower earnings as it wrote down the value of assets in North America and Africa by R18.1bn.
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