Gulf Oil and Gas accountACCOUNT

Sasol Revamp to Cut Jobs, Focus on Core Businesses

Source: www.gulfoilandgas.com 6/18/2020, Location: Africa

Sasol Ltd plans to cut jobs and end West African oil operations as part of a business revamp, the petrochemicals producer said on Thursday, and has also agreed a deal with lenders to relax borrowing rules.

Sasol would refocus on chemicals and energy as it seeks to win back investorsí trust after delays at the Lake Charles Chemicals project hit profits and led to the companyís joint CEOs stepping down last October.

Sasolís interests in West African oil include a 27.75% stake in the Etame Marin Permit offshore Gabon, operated by VAALCO Energy, and a 10% interest in a 33,000 barrel per day gas-to-liquids project in Nigeria.

Sasol also said lenders agreed to waive its June debt covenant due and relax the December covenant.

Oil & Gas Companies News in Gabon >>

Egypt >>  7/28/2020 - Eni (as the Operator of the Block), bp and Total (as Contractor members) have successfully tested the well drilled on the prospect called Bashrush, in...
Nigeria >>  7/14/2020 - McDermott International Ltd. has been awarded a *large engineering and procurement contract from Azikel Petroleum Ltd. for the modular 12,000 BPD Hydr...




Gabon Oil & Gas 1 >>  2 | 3 | 4 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.