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Finance

Sasol delays financial results

by Marc S. Reisch
August 24, 2019 | APPEARED IN VOLUME 97, ISSUE 33

 

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Credit: Sasol
Polyethylene storage containers at Sasol's Louisiana complex

Sasol says an independent review of cost overruns and start-up delays at its petrochemical complex in Lake Charles, Louisiana, points to possible “control weaknesses.” The firm delayed releasing fiscal 2019 financial results from Aug. 19 to Sept. 19 so that it and its auditors have time to assess the report. When the project got underway in 2014, it was expected to cost $8.1 billion. Sasol now says it is sticking to a cost estimate of between $12.6 billion and $12.9 billion made in May. Technical challenges interrupted start-up of the ethane cracker in July, but it is back on track, the firm adds.

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