Sasol approves plan for $8.1bn complex in US

SASOL has approved the construction of an $8.1 billion (R88.4bn) ethane cracker and derivatives complex in the US. The plant would produce 1.5 million tons of ethylene annually, the company said yesterday. Sasol appointed Fluor Technip Integrated, a joint venture between Fluor and Technip, as the primary engineering, procurement and construction management contractor. WorleyParsons would support Sasol’s project management team. Ethylene is a gas that helps make chemicals used in plastics and detergents. “Once commissioned, this world-scale petrochemicals complex will roughly triple our chemical production capacity in the US,” chief executive David Constable said. Sasol said it was “well advanced” in raising the funds and would use “a variety of international US-based dollar sources”. The facility would achieve beneficial operation in 2018, it said. Sasol shares fell 1.18 percent to R550.73 on the JSE yesterday. – Bloomberg