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South Africa: ‘We survived the crisis,’ says Sasol

By Xolisa Phillip, in Johannesburg
Posted on Monday, 1 March 2021 22:20

Sasol is struggling due to debt and poor investment choices. Shutterstock

“I think it’s a strong, bold message to say we survived the crisis,” Sasol chief financial office Paul Victor tells The Africa Report, adding: “We are back on our legs. We are starting to run again, from walking.”

Sasol, an integrated chemicals and energy producer, has taken a $760m bet on Mozambique while the company continues its retreat from West African assets as part of its speeded-up divestment programme.

The company’s leadership has taken a potentially contentious rights issue off the table and reduced debt. Sasol’s Victor describes the move as a bold statement to the market.

Sasol opened the last week of February with the announcement of its interim results for the six months ended 31 December 2020. The first three months of 2020 were characterised by unprecedented volatility precipitated by the Covid-19 crisis. The three months thereafter saw the re-emergence of coronavirus infections during a second-wave outbreak.