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Sasol Revamp to Cut Jobs, Focus on Core Businesses

Source: 6/18/2020, Location: Africa

Sasol Ltd plans to cut jobs and end West African oil operations as part of a business revamp, the petrochemicals producer said on Thursday, and has also agreed a deal with lenders to relax borrowing rules.

Sasol would refocus on chemicals and energy as it seeks to win back investors’ trust after delays at the Lake Charles Chemicals project hit profits and led to the company’s joint CEOs stepping down last October.

Sasol’s interests in West African oil include a 27.75% stake in the Etame Marin Permit offshore Gabon, operated by VAALCO Energy, and a 10% interest in a 33,000 barrel per day gas-to-liquids project in Nigeria.

Sasol also said lenders agreed to waive its June debt covenant due and relax the December covenant.

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