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South African fuel and chemical maker Sasol Ltd took a 35 billion-rand ($1.9 billion) writedown on a facility at the heart of its operations and warned of regulatory uncertainty in the country as greenhouse-gas emissions rose.
The “significant impairment” on the Secunda liquid fuels plant is reflective of Sasol’s reassessment of costs and the “need to remain realistic and focus on delivery,” Chief Executive Officer Fleetwood Grobler said .
Secunda makes products from coal, and generates more greenhouse gases than some major oil companies.
Sasol failed in its bid to have the unit exempted from South African sulfur-dioxide emissions limits due to be imposed in 2025. It has since appealed the decision.
Sasol, South Africa’s second-biggest polluter, has set a goal of cutting emissions 30% by 2030 in an energy efficiency plan that involves turning down boilers, reducing coal use and integrating 1,200 megawatts of renewable power, it said.