Sasol flags refinery slowdowns

Sasol said it would be running its refineries through coronavirus lockdowns, but will cut throughput at some plants and may now see some impact on financial results this year as it faces the fallout of a credit ratings downgrade and a global collapse in oil prices.

The company reiterated plans including an asset sale and a potential rights issue of up to $2 billion, in response to rating downgrades by S&P Global Ratings and Moody’s.

It said the downgrade would cost it around $10 million annually in extra financing costs.