Sasol Eyes Angola, Ghana and Tanzania Opportunities
JOHANNESBURG, Sept 8 (Reuters) – Sasol is eyeing potential expansion into Angola, Ghana and Tanzania but Mozambique remains its immediate focus in Africa, the South African petrochemicals company's chief executive said on Monday.
Sasol reported a 14 percent increase in full-year earnings on Monday, boosted by higher chemical prices and a weaker rand but still short of analysts' expectations.
CEO David Constable said in the results presentation that nine of the 17 largest gas discoveries in the last five years were in sub-Saharan Africa and Sasol saw huge hydrocarbon potential in the region.
Sasol is conducting a study to build a gas-to-liquid (GTL) plant in northern Mozambique with Italian oil and gas group Eni and Mozambique's national oil company, Empresa Nacional de Hidrocarbonetos.
"Our first priority is Mozambique," Constable told Reuters in an interview.
Asked what countries Sasol would consider expanding into where it is currently not operating, he replied: "Angola, Ghana onshore and Tanzania, those types of countries is where we'll take a run."
Tanzania has made big natural gas discoveries off its southern coast and hopes to use its deposits to end chronic energy shortages. As of April, the government said Tanzania's natural gas discoveries stood at 46.7 trillion cubic feet.
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Sasol Mulls Refinery Sale Due to Cleaner Fuel Policy (Aug 20)
- Union Cleared To Strike Over Black Employees' Scheme At S. Africa's Sasol (Jun 14)
- Statoil Quits Talks Over Stake In Mozambique Offshore Gas Block (Jan 29)