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Sasol nixes proposed $15B Louisiana gas-to-liquids plant

Published 11/24/2017, 08:42 AM
© Reuters.  Sasol nixes proposed $15B Louisiana gas-to-liquids plant
  • Sasol (NYSE:SSL) says it is abandoning all of its gas-to-liquids greenfield projects, including a planned Louisiana project that was expected to cost as much as $15B, saying the low oil price environment and a volatile marketplace make the project "uneconomic."
  • SSL says it will move ahead to complete its $11B Louisiana ethane cracker project, which will be the biggest foreign investment ever by a South African company; the project already is 79% finished.
  • SSL also will pull out of its Canadian shale gas assets on which it took a 9.9B rand ($715M) impairment on its 2016 earnings.
  • SSL also has increased its revolving credit facility to $3.9B from $1.5B and extended its maturity to five years.
  • Now read: Shell (LON:RDSa), A Deep Water And LNG Powerhouse, Part 1


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