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    SOL   ZAE000006896

SASOL LIMITED

(SOL)
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S.Africa's petroleum industry warns refinery fleet could become obsolete

09/27/2021 | 05:00am EDT

CAPE TOWN, Sept 27 (Reuters) - South Africa's petroleum refinery capacity could become obsolete within two years, an industry body warned on Monday, as it looks to extend the timing of new government rules meant to reduce sulphur emissions from 2023 to a later date.

The South African Petroleum Industry Association (SAPIA), which represents major oil companies, including BP and Shell that operate local refineries, has been in discussion with the government for years trying to resolve a stumbling block over financing the upgrade of six refineries to cleaner fuels.

In January, SAPIA warned that the impact of COVID-19 meant it was unlikely oil firms in South Africa would upgrade refineries at an estimated cost of $3.9 billion, unless the government allowed them to pass the costs on to consumers or offered some sort of financial support.

The government gazetted new Petroleum Products Specifications and Standards in August that mandate the use of ultra-low sulphur petrol and diesel products from Sept. 1, 2023.

"SAPIA is of the view that the very short time frame provided for implementation is impossible to meet and will likely render the refinery fleet obsolete within two years," the industry body said in a statement.

SAPIA said it was in discussions with the Department of Energy to amend the regulations so that a "mutually acceptable" implementation date could be agreed, with a financial support mechanism key.

"Without a financial support mechanism, it would be difficult to justify the refineries' upgrade," said SAPIA.

Officials from the energy department did not immediately respond to queries. (Reporting by Wendell Roelf Editing by Robert Birsel)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.65% 363.6 Delayed Quote.42.70%
DOW JONES AFRICA TITANS 50 INDEX 1.07% 550.53 Delayed Quote.4.05%
LONDON BRENT OIL 0.72% 84.89 Delayed Quote.62.65%
SASOL LIMITED 2.37% 275.33 End-of-day quote.105.58%
WTI 1.09% 82.468 Delayed Quote.69.35%
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Financials
Sales 2022 222 B 15 216 M 15 216 M
Net income 2022 29 807 M 2 042 M 2 042 M
Net Debt 2022 66 436 M 4 550 M 4 550 M
P/E ratio 2022 6,05x
Yield 2022 4,76%
Capitalization 173 B 11 846 M 11 865 M
EV / Sales 2022 1,08x
EV / Sales 2023 1,02x
Nbr of Employees 28 725
Free-Float 99,9%
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Number of Analysts 10
Last Close Price 275,33 ZAR
Average target price 279,50 ZAR
Spread / Average Target 1,51%
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Managers and Directors
Fleetwood Grobler President, CEO & Executive Director
Paul Victor Chief Financial Officer & Executive Director
Sipho Abednego Nkosi Independent Non-Executive Chairman
Marius Brand Executive VP-Sasol 2.0 Transformation
Moses Zamani Mkhize Independent Non-Executive Director
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