Petrochemical giant Sasol has decided to go ahead with its plans to invest nearly R90-billion in the US.
Sasol CEO David Constable said yesterday that the ethane cracker and other chemical manufacturing plants his company is building at Lake Charles in Louisiana will "deliver significant benefits" to the area, but would also benefit shareholders in South Africa, and allow the company to pursue further growth opportunities in Southern Africa.
Sasol started its feasibility study to build its first gas-to-liquid facility in the US three years ago.
The new addition will triple Sasol's chemical production in the US, from where it aims to export to both commodity and high-margin speciality chemicals to its clients around the world.
Said Sasol: "At the heart of the project is an ethane cracker that will produce 1.5 million tons of ethylene annually, benefiting from significant economies of scale."
The complex will include six chemical manufacturing plants.
Despite being listed on the New York Stock Exchange, 67% of Sasol's shareholders are in South Africa.
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