Oil & Gas
Sasol makes a profit from higher chemical prices and lower write-downs
Sasol, a South African petrochemical company, announced on Monday that it had achieved an annual profit due to higher chemical prices and tighter cost control. The company that produces fuels and chemicals out of coal and gas posted basic earnings per shares of 10.60 rand ($0.6070), compared to a loss per share 69.94 rand last year. Sasol received a payout of 4.3 billion rands from Transnet after claiming in a lawsuit that the state-owned logistic firm overcharged oil transport over a period of several years. The company reported a 9% drop in its revenue, due mainly to a reduction in...