Sasol’s earnings have soared amid a prolonged commodity boom, which rescued the energy giant after its pandemic-induced “near-death experience”.
Now — as recession fears weigh on demand, causing commodities to slide and South Africa sets its sights on a greener economy — the country’s second-biggest carbon emitter faces another crisis.
Sasol is hinging part of its future on a sought-after resource amid the energy crunch induced by Russia’s invasion of Ukraine — natural gas. It has been touted by the company as a transition fuel for coal-dependent economies, despite some pointing out that it is far from clean or economically practical.
Speaking to the Mail & Guardian after the release of Sasol’s annual financial results, the company’s chief financial officer, Hanré Rossouw, said there has to be a recognition that the squeeze on gas and oil prices will probably be short-lived.
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Sarah Smit
Sarah Smit is a general news reporter at the Mail & Guardian. She covers topics relating to labour, corruption and the law.
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