Posts tagged with 'Sasol'

 

How China, the CCPvirus and NASPERS Sent South African Stocks to Record Highs in April Despite Lockdown!

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The Rich Get Richer: Is it any wonder NASPERS was able to “donate” 1 Billion worth of Chinese made testing kits and PPE to South Africa, after unprecedented demand for online services & entertainment during the Covid-19 lockdowns, firstly in China when the CoronaVirus started, and now in SA, saw a scramble for safe investments, which helped grow NASPERS profits, and set South African stocks on course for a record April month! The benchmark index in Johannesburg is up 14% in April, the most in any month since Bloomberg began tracking the gauge in 1995. Most South Africans do not realise the extent of China’s influence on South Africa even though millions of South Africans have a financial stake in the growing intolerance of criticism by the Chinese Communist Party (CCP) Government.

Chinese multinationals have to operate in a globalised world while being complicit to, used, manipulated and constrained by Chinese Communist government poli
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Sasol loses 44% of value – CEO’s obliged to resign after controversial Lake Charles Chemicals Project

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The CEOs of the Sasol, Bongani Nqwababa and Stephen Cornell agreed to resign after an independent investigation into a highly controversial US project.

The so-called Lake Charles Chemicals Project, which is said to have seven production units that would produce different chemical products, one of which is a type of plastic, would have cost as much as $ 12 billion (about R190 billion).

Over the past year, the company lost about 44% of its value, reflecting directly on the two joint executives and triggering their resignations.

The independent investigation found that the two heads were directly responsible for the controversial projects, and were persuaded to resign after negotiations.

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Sasol, world’s biggest manufacturer of fuel from coal is said to plan sale of its SA coal mining unit – Hopefully not to China?

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Sasol is planning to sell its South African coal-mining business in the coming weeks, according to people familiar with the matter.

The company will begin a formal sales process said the people, who asked not to be identified as the information isn’t public yet. The mining business had a turnover of R20 billion ($1.4 billion) in the 2018 financial year, according to the company’s financial report, mostly from internal sales to Sasol’s other operations.

The company is the world’s biggest manufacturer of fuel from coal, an energy-intensive process. Sasol’s coal mines produce about 40 million tons of coal a year, almost entirely for use in its own operations, according to its website.

The company would plan to sign a coal-purchase agreement with whoever buys the asset, said one of the people.

Sasol announced a long-term review process in November 2017 that would involve disposing of some assets at prices that ensure value for the company, it said in
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