News flash
- Petro-chemicals giant and one of the worldโs biggest corporate air polluters, Sasol, saw their share price tank 5.4% yesterday.
- The companyโs share price is down 40.86% year to date.
- The company is heavily reliant of coal and gas to power their operations in South Africaย
In their Production and Sales Metrics Report for three month ended 30th September 2024, Sasol said it is facing a stronger rand, volatile oil prices, and shrinking refining margins. The company also said the global chemicals markets remain oversupplied with higher input costs and decreasing margins.
Their mining sector is challenged by ongoing coal quality and operational challenges. The company reported a worker fatally at their Secunda plant. Saleable production of coal is 4% lower than a year ago.
Related news:ย South Africa must tackle crude legacy of environmental racism and toxic exposure
The gloomy news comes as Uniper cancels a 200MW hydrogen-based sustainable aviation fuel project in Sweden. The SkyFuelH2 facility was set to use Sasolโs Fischer-Tropsch technology to produce aviation fuel, using forestry residues and green hydrogen as feedstock. Uniper says the project is โno longer commercially viable.โ Read more
Sasol has been criticised for their slow transition to clean energy sources.ย Their Secunda plant alone draws around 1.5 GW of power from coal and gas fired generation plants. Read more
Author: Bryan Groenendaal