Industry News

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25
Feb

Sasol raises interim dividend back to 2016 level

Sasol raised its interim dividend by 18% to R5.90 — good news for shareholders after five years of belt-tightening during which the R8 paid in the first half of its 2014 financial year fell to R4.80 in the first half of its 2107 financial year. The New York- and Johannesburg-listed chemicals group reports in both rand and dollars. In rand, attributable profit more than doubled to R15.9bn for the six…

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15
Feb

Fuel prices look set to rise in March – AA

The price of petrol looks set to increase by 43 cents per litre according to unaudited mid-month fuel price data, the Automobile Association said on Friday. The AA said current data indicates that diesel will rise by 62c/l and illuminating paraffin by 47c/l. "Recent reductions in the fuel price have been dealt a blow by a steady increase in international petroleum prices during the first half of February," it said.…

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08
Feb

New oil find could be a ‘game changer’ for SA, says Ramaphosa

A major new oil discovery off South Africa's coast could be a 'game-changer' for South Africa, President Cyril Ramaphosa said on Thursday evening. Ramaphosa was speaking only hours after Total announced the deep-water Brulpadda oil and gas find. "Last night I received a call from Minister Gwede Mantashe, when he told me that the oil giant Total would be making a big announcement today about a new world-class oil and…

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08
Feb

Sasol’s giant US plant delayed, cost up to $11.8bn

Sasol said capital costs at its Lake Charles chemicals project in Louisiana have increased once again, to as much as $11.8bn, and start-up of the units will be as many as five months later than expected. The previous estimate for project, which will convert ethane into plastics and other products, was for about $11.1bn.During the last quarter of 2018, "several factors within and beyond our control impacted the completion schedule…

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07
Feb

First Oil and Gas Discovery Made Offshore of South Africa

Total SA said it has opened up a new “world-class” oil and gas province off the coast of South Africa after making a significant gas-condensate discovery there. Success in the nation’s first deep-water well is a potential boon for a country that imports most of its oil, processing the remainder of its fuels from coal and natural gas. “We are very pleased to announce the Brulpadda discovery, which was drilled…

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04
Feb

In the shadow of Secunda’s Sasol plant, servals are thriving

Ever since the industrial revolution, human activities have resulted in rapid environmental changes including degradation, fragmentation and destruction of habitat, climate change and biodiversity loss. Animals, such as large carnivores, are often among the first to disappear as human disturbance increases. The fact that human activities have had catastrophic consequences for some species is undisputed. But there are also instances where wildlife has benefited from human interventions, such as raccoons…

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29
Jan

Petrol price likely to go up in February – AA

The price of petrol is likely to go up and that of diesel down in February, according to the Automobile Association (AA). The AA was commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF). The current picture shows petrol increasing by around eight cents a litre, while diesel is set to drop by three cents and illuminating paraffin by nine cents, in the view of…

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18
Jan

Saudi Arabia’s $10bn investment in SA to bring new refinery, petrochemical plant

Minister of Energy Jeff Radebe and Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih announced on Friday that the Arab kingdom’s $10bn investment in South Africa would come in the form of a new crude oil refinery and petrochemical plant. The two ministers held bilateral talks in Pretoria on Friday morning to discuss the details of the $10bn investment announced in July of 2018. They also discussed the…

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18
Jan

Zim inflation shoots up again – before massive fuel hike

Zimbabwe's inflation rate is shooting up again, reaching 42% year-on-year in December. This was before the recent massive fuel price hikes which resulted in an ongoing national shutdown and days of protests. The year-on-year inflation rate for the month of December 2018, as measured by the all items Consumer Price Index, stood at 42.09%, according to Zimbabwe National Statistics. This is 11 percentage points higher than the annual November rate…

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14
Jan

Zim fuel hike: Angry protesters burn tyres, block buses from carrying passengers

Commuters were stranded in Zimbabwe's two main cities on Monday as angry protesters reacting to the weekend more than doubling of fuel prices, burned tyres and used rocks to barricade roads and blocked buses from carrying passengers. President Emmerson Mnangagwa on Saturday announced a more than 100% rise in the price of petrol and diesel in a move to improve supplies as the country struggles with its worst fuel shortages…

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