MOSCOW (MRC) -- Sasol Ltd. Chief Financial Officer (CFO) Paul Victor will step down after more than two decades with the fuel and chemical maker, reported Bloomberg.
He will be succeeded by Royal Bafokeng Platinum Ltd.’s CFO Hanre Rossouw, Sasol said Thursday in a statement. Victor has agreed to remain with the company until June 30, 2022, when it reports annual results.
Victor held the role of CFO through a turbulent time for Sasol, as the company’s shares were battered by oil price volatility and it struggled to contain cost overruns at the Lake Charles Chemicals Project in Louisiana. Ballooning debt forced the company to consider a USD2 billion rights offer and accelerate a disposal of global assets.
Rossouw, who will join Sasol in April, has restructured RBPlat’s balance sheet by refinancing debt, introducing a new capital allocation framework and a new dividend policy, Sasol Chairman Sipho Nkosi said in the statement. Rossouw has also held roles as portfolio manager at Investec Asset Management and CFO of Xstrata Alloys.
As MRC wrote previously, Sasol's world-scale US ethane cracker with the capacity of 1.5 mln tonnes per year reached beneficial operation on 27 August 2019. Sasol's new cracker, the heart of Lake Charles Chemicals Project (LCCP), is the third and most significant of the seven LCCP facilities to come online and will provide feedstock to the company's six new derivative units at its Lake Charles multi-asset site.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.
Sasol is an international integrated chemicals and energy company that leverages technologies and the expertise of our 31 270 people working in 32 countries. The company develops and commercialises technologies, and builds and operates world-scale facilities to produce a range of high-value product stream, including liquid fuels, petrochemicals and low-carbon electricity.