Industry News

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17
Nov

Man caught stealing diesel in Estcourt, KwaZulu-Natal

A 39-year-old man is due to appear before the Estcourt Magistrates Court on Monday after being caught loading stolen diesel into a truck in Mimosadale, Estcourt. KwaZulu-Natal police spokesperson Captain Nqobile Gwala said around midnight on Friday, police in Estcourt received about a group of people who were spotted stealing diesel and loading it into a truck while tempering with the fuel infrastructure at Mimosadale near Zampumpu Hostel. ALSO READ…

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10
Nov

Sasol rejects demand for shareholder resolutions on climate

South Africa’s second-biggest producer of greenhouse gases has rejected a demand from shareholder activists that it table resolutions at its annual general meetings to align its climate-related goals with the Paris Agreement. The three resolutions from Just Share NPC and the Raith Foundation, which would also make elements of executive pay contingent on meeting the goals, won’t be considered by its shareholders at the November 20 meeting, the company said…

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10
Nov

Want to open your own petrol station? This is how much you’ll need to have in the bank

South Africa burns a lot of petrol – and selling it is an often lucrative business. But be warned, it is not for everyone, there's plenty of red tape, and it isn't cheap. The cheapest stations cost around R1 million, but if you want a popular location and all the trimmings, you can pay 20 times this. Here's how to open your own independent petrol station, or buy an existing…

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10
Nov

Mantashe: We will deal with ‘culprits’ in strategic fuel stock sale

Minister Gwede Mantashe says individuals implicated in the sale of startegic fuel stocks at a value less than what they are worth will face disciplinary action. The department is dealing with the matter systematically and will not leave anyone out, including implicated political leaders, says Mantashe. The department however wants to wrap up a court case first. Minister of Mineral Resources and Energy Gwede Mantashe said disciplinary action will be…

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10
Nov

Here’s how much less you are paying for petrol now than in 2019 – and why it could get even cheaper

South Africans are currently paying 9% - some R1.50/litre - less for petrol than they did a year ago. This is due to the dampening impact of the pandemic on oil demand. One expert believes that another petrol price cut is on the cards for December. For more stories go to www.BusinessInsider.co.za.  As South Africa approaches peak driving season, fuel prices continue to be considerably cheaper than a year ago. The…

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02
Nov

Big fuel price drop expected in November

The price of petrol is set to drop by 27 cents a litre in November.  • Fuel price data released by the Central Energy Fund shows the firmer Rand largely influenced the fuel price reductions.  • The price of diesel will decrease by 11 cents a litre, according to the Automobile Association.  Fuel prices are set for more reductions in November due to a slightly firmer Rand and softer international petroleum…

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02
Nov

Petrol price cut due this week thanks to stronger rand, oil slump

The petrol price looks set to be lowered by around 24c to 27c a litre on Wednesday. This is thanks to a sharp slump in the oil price, amid fears that more European lockdowns will hit fuel demand. A stronger rand has also done its bit. For more articles, go to www.businessinsider.co.za. A sharp slump in the oil price, together with some rand strength, should bring some joy at the pumps…

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02
Nov

Total makes second gas find off South Africa’s southern coast

Total South Africa on Wednesday announced a second gas discovery in the country, a year after another find off the shore of Mossel Bay. The Luiperd well is located in the Outeniqua Basin, some 175 kilometers off the southern coast, which is adjacent to the Brulpadda well, making the region the country's new gas frontier. The company said the site, which covers 19,000 square kilometers will be tested to assess…

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02
Nov

Wanted: A gas supplier. If PetroSA can’t find one, it will shut its refinery

PetroSA has issued a tender to find a company which can supply its embattled Mossel Bay refinery with gas. The refinery was dependent on gas from nearby off-shore fields, but these are running dry. If it can’t find the right the supplier – who also needs to come up with a solution to deliver the gas – it will shut the refinery. For more articles, go to www.BusinessInsider.co.za. This week, the…

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26
Oct

Sasol hopes to restore blue chip status, but has a mountain to climb

Sasol hopes it will emerge from its slump and re-claim its spot as a top blue chip firm. The company's planned rights issue, estimated around $2 billion, is still on the table. It expects units at the US Lake Charles Chemicals project, hit by hurricanes, to be back online by end October. From being crippled by difficult market conditions to suffering the brunt of natural disasters in the US, Sasol's…

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