Sasol stocks rise on news of minor damage

SASOL says the projected earnings for the Lake Charles Chemicals Project complex in this financial year would be impacted only by the loss in the margin of ethylene to low-density polyethylene. Supplied
JOHANNESBURG – Sasol on Friday reported that there had been minor damage following the explosion at the low-density polyethylene (LDPE) unit of its US-based Lake Charles Chemicals Project (LCCP) earlier this month.

In an update on the LCCP on Friday, Sasol, the global petrochemical giant, said an investigation into the cause of the explosion was under way.

“Initial findings indicate the damage is limited to a small portion of the LDPE unit, and, importantly, major equipment, such as the compressors, were unaffected,” it said.

An explosion and fire rocked the LDPE unit on January 13. Employers and contractors were unharmed in the fire.

It that parallel commissioning activities on the remainder of the LDPE unit would continue.

Source: iol.co.za