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Sasol hedges a fifth of oil output at $31.85 a barrel
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Sasol had agreed to sell in advance a fifth of its fuel for this fiscal year to

protect against a possible drop in oil prices, the company said on Friday.

Sasol said it had sold 30 000 barrels of oil a day at an average price of

$31.85 a barrel to hedge an element of its fuel income at relatively high

oil prices.

by Business Report on May 10, 2004
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gogh

Sasol sells 15 000 barrels in oil hedge
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Johannesburg - Synthetic fuel firm Sasol had sold 15 000 barrels per day (bpd) forward to hedge its exposure to the oil price and stabilise cash flows, bringing hedging to 45 000 bpd for the 2004/05 year, it said yesterday.

Sasol said it did not expect to extend its oil hedging for the current financial year, which ends in June, and said its total hedging was at weighted average Brent crude oil price of $33.12 (R196.07).

Sasol said in May it had sold 30 000 bpd forward at a weighted average price of $31.85 to improve the stability of its cash flows.

Sasol's shares were little changed after the announcement, closing at R99.80 yesterday.

Published on the web by Business Report on July 21, 2004.
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Business Report v. 04.08.04

Sasol confident of meeting charters' targets
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By Edward West

Cape Town - Sasol was confident it would, over time, comply with the targets of the black empowerment charters for the mining and the oil industry, a spokesperson said yesterday.

Because Sasol is involved in the petroleum industry and in mining, its operations are affected by the charters for both sectors, which have different black empowerment targets.

For instance, the main aim of the charter for the petroleum and liquid fuels industry is to ensure 25 percent of the operating assets are owned and controlled by historically disadvantaged individuals within 10 years from 2000.

The mining industry charter specifies, among other things, 26 percent black ownership over 10 years from 2002. There are many other differences in the charters relating to procurement and employment equity.

Johan van Rheede, a spokesperson for Sasol, said it was difficult to comment on the empowerment plans because not only was Sasol in a closed trading period, but the empowerment objectives were tied to negotiations about a merger of the group's fuel interests with the parent of Engen, Malaysia-based Petronas.

Barbara Manson, a spokesperson for Engen, said talks were continuing, but she could not disclose any further information.

There has been speculation that Engen's empowerment partner, Worldwide Africa Holdings, which holds 20 percent of Engen, may end up as the major empowerment partner in the merged fuels group.

Sasol also last year merged with Exel, the black-owned fuel retailing

company that it helped to form.

Sasol recently named former minerals and energy minister Penuell Maduna as a consultant to facilitate black empowerment at Sasol's liquid fuels business. This followed the appointment of Max Sisulu as group general manager for transformation from November 2003.

Shortly after Maduna's appointment, Sasol named Eyesizwe Coal, the largest black-owned, controlled and managed coal mining company, as its lead empowerment mining partner.

Pieter Cox, Sasol's chief executive, said at the time the companies had signed a memorandum of understanding covering areas of co-operation to be explored in the coal export and power generation coal supply markets.

Sasol Mining, the second-largest coal producer in South Africa, supplies

coal as feedstock to Sasol's petrochemical plants and export markets.

Published on the web by Business Report on August 4, 2004.
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Business Report vom 13.08.04

Fundamentals aid Sasol's share surge
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Johannesburg - Sasol, Africa's biggest company with sales of R66 billion last year, had its share price surge more than 3 percent yesterday on news that interest rates in South Africa were to be cut by 50 basis points.

Both an oil and a chemicals company, Sasol has suffered in the past two years with rand strength knocking billions off earnings and high world oil prices leading to falling chemical prices.

But yesterday the rand, after a month of slow decline, weakened dramatically following the news that interest rates would come down half a percentage point, helping Sasol stronger.

But rather than this being a fly-by-night change, the market has become increasingly bullish on Sasol. Yesterday a private client investment house, an asset manager and an oil industry analyst all agreed that the fundamentals were converging to make Sasol a good buy.

Sasol has gained 14 percent in the past month and Bruce Tinney, a mining and resources analyst at BoE Private Clients, said there was more to the story than the rampant oil price.

Oil is the feeder stock for chemicals; when oil prices rise margins on chemicals shrink unless oil's rise is sustained and chemical companies can pass the costs on.

"Chemical prices have started to recover, and we should see significantly improved profits from Sasol's chemical businesses when the company reports its year-end results in September."

Jason Chesters, the head of portfolio management at Tri-Linear Asset Management, said he would be tempted to buy Sasol at below R100 a share. It last traded below R100 in July. This week it has been trading above R105.

"The only negative for Sasol is the rand but in the last month it has been weakening." With yesterday's decision to cut rates "the rand could weaken further and all three elements - oil, chemicals and the rand - could become positive for Sasol".

An analyst at a stockbroking firm said he expected a second-half improvement in profits at Sasol's chemical division.

"But Sasol Chemie will always be a problem child," he said, "And full-year results for the group will still be well down on last year; I estimate about 28 percent down."

Bloomberg's average estimate for full-year earnings was R9.59 a share. Sasol's historic price: earnings ratio is sitting at 11.4.

Chesters said this would rise with the next reported fall in earnings, making the stock less attractive. But the fundamentals would still be there and Sasol's dividend yield, at 4.3 percent, was very attractive.

Tinney said BoE had a buy recommendation on the share, and held an overweight position in its portfolios. His 12-month target price was R134 a share.

The share has gained more than 21 percent since it listed on the New York Stock Exchange last year and has gained 13 percent this year.

Yesterday Sasol gained R3.26 to close at R108.77, while the index of the top 25 industrial companies gained 1.96 percent.

Published on the web by Business Report on August 13, 2004.

Aus Business Report vom 02.11.04


Sasol partners with Malaysia's Petronas
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Kuala Lumpur - Malaysia's national oil and gas company Petronas on

Tuesday announced its Petronas International unit has signed an

agreement with Sasol to create South Africa's largest liquid fuels business.

Petronas, together with their respective black economic empowerment

partners Worldwide African Investment Holdings and a Sasol

empowerment entity, Tshwarisano LFB Investment, have signed the

agreement.

Under the agreement Sasol and Engen, a South African oil refiner which

is 80 percent held by Petronas, will merge their liquid fuel businesses

into a new joint venture to be known as Uhambo Oil.

The company's headquarters are to be located in Cape Town.

"This joint venture is a positive and exciting development for Petronas,"

Hassan Marican, Petronas president and chief executive officer said.

On a pro-forma basis, Uhambo is expected to report sales of R33 billion

($5.36 billion) and earnings of R1.2 billion rand for the 2004 financial

year.

Petronas will hold a 37.5 percent stake in Uhambo, Sasol a 37.5 percent

stake and Worldwide and Tshwarisano will take a 12.5 percent stake each.

Petronas said subject to official approval, Uhambo will be the leading

South African liquid fuel refining, marketing and distribution business.

It said Uhambo will have an estimated market share of about 33 percent

in South African white petroleum products.

Petronas' Hassan, who is also the non-executive chairman of Engen, will

be appointed as non-executive chairman of Uhambo while Jock

McKenzie will be offered the position of chief executive officer in January 2005. - AFP

Published on the web by Business Report on November 2, 2004.

Business Report vom 04.11.04

Sasol favours Nigeria as it rationalises oil exploration
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November 4, 2004

Sasol would abandon exploration in Equatorial Guinea "in favour of

concentrating on its emergent exploration programme in Nigeria", it said yesterday,

Sasol, which is awaiting Nigerian government approval for two new

licences, is trying to expand in oil and natural gas to cut dependence on

chemicals and the production of fuel from coal.

Sasol tax
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Posted: Thu, 16 Feb 2006

[miningmx.com] --

Finance Minister Trevor Manuel said on Thursday his government would

not be "reckless" in applying any windfall tax to the profits of sythentic fuel

maker Sasol, Reuters reports.

Shares in Sasol plunged more than 8% on Wednesday after the

government said it was considering a windfall tax that would hit the

world's top maker of synthetic fuel from coal, the news wire said.

"There is nothing in the track record of this government to suggest we

are reckless," Reuters said, citing Manuel.