- Write by:
-
Thursday, June 18, 2020 - 3:03:02 PM
-
723 Visit
-
Print
Mining News Pro - South Africa`s Sasol plans to cut jobs and end West African oil operations as part of a business revamp, the petrochemicals producer said on Thursday, adding it had also agreed a deal with lenders to relax borrowing rules.
Sasol has been reviewing its business as it struggles with high debt levels, falling oil and chemical prices and lower global demand due to the Covid-19 pandemic.
The company, the world`s top producer of motor fuel from coal, said the review had identified chemicals and energy as the focus areas for its future business.
"The revision of our strategy aims to have a greater focus on enhanced cash generation, value realisation for shareholders and business sustainability," it said in a statement.
Sasol said the revamp would affect its workforce, but did not say how many jobs might be lost. The company said it was seeking consultations with trade unions in South Africa and aimed to do the same in other countries.
It also said it had concluded discussions with lenders, adding they had agreed to waive a debt test due this month and relax one due in December 2020. That test will allow the firm to have net debt of four times earnings before interest, tax, depreciation and amortisation, up from three times previously.
The company added its liquidity headroom would remain well above $1-billion.
Short Link:
https://www.miningnews.ir/En/News/549865
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
Polish government is abandoning plans to separate coal-fired power plants into a special company and is considering ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Researchers at the University of Edinburgh discovered that bacteria found in areas polluted by acid mine drainage had ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
No comments have been posted yet ...