Sasol Met With Fund Managers as U.S. Plant’s Costs Climbed
- Company listened to shareholders’ ‘concerns and expectations’
- Lake Charles chemicals project now set to cost $13 billion
This article is for subscribers only.
Sasol Ltd., South Africa’s biggest company by revenue, said it held meetings with shareholders as dissatisfaction grew over cost overruns at the $13 billion Lake Charles chemical project in the U.S.
The meetings began after Sasol raised the estimated cost of the project by $1 billion in May, having increased it only three months earlier, the company said in a response to questions. On Aug. 16, Sasol delayed its annual results, saying it hasn’t completed a review of the problems at the project. That prompted its shares to fall the most in 20 years on an intraday basis in Johannesburg.