Sasol to accelerate $2bn asset disposal plan as capex on US project leaps by another $1.3bn

Energy and chemicals group Sasol, which announced another large increase in the capital cost of its Lake Charles Chemicals Project (LCCP) being built in the US, will accelerate its $2-billion noncore asset disposal programme and will used the proceeds to deleverage its balance sheet. Joint president and CEO Bongani Nqwababa said on Wednesday that the JSE-listed group was “extremely disappointed” in having to confirm a further upward revision to the capital cost of the LCCP project, which is now expected to be between $12.6-billion and $12.9-billion.