Sasol co-CEOs finally fall on $13bn Lake Charles sword
Sasol has named a new CEO to replace Bongani Nqwababa and Stephen Cornell as it seeks to draw a line under the $13bn chemicals plant disaster in the US.
Sasol has named a new CEO to replace Bongani Nqwababa and Stephen Cornell as it seeks to draw a line under the $13bn chemicals plant disaster in the US.
Sasol, the world’s biggest maker of fuel from coal, said the cost of its giant Lake Charles chemicals project in Louisiana will balloon to as much as $12.9bn, or about 50% more than initially planned.
Sasol said it recorded a satisfactory operational and financial performance against the backdrop of a volatile macroeconomic environment and an uncertain geo-political climate, which impacted global demand growth.
Having two captains has proven challenging for many similarly sized businesses. But Sasol’s Bongani Nqwababa and Steve Cornell have proved to be sparkling exceptions to that apparent rule.
Sasol, the South African manufacturer of oil and chemical products, is looking at options including the possible sale of a refinery due to the country’s pending cleaner fuel standards.
What a difference a year makes. Twelve months ago in Davos, one sensed that Sasol’s joint CEOs were struggling to find some brightness in the gloom.
South African multinational Sasol is transforming rapidly, betting heavily on its chemicals division to reduce its dependency on the Rand oil price.
Sasol announced the appointment of Bongani Nqwababa and Stephen Russell Cornell as Joint-President and Chief Executive Officers of the Company, with effect from 1 July 2016.