Sasol Ltd plans to cut jobs and end its oil activities in Gabon and Nigeria. The decision is part of the company’s reorganization, faced with high debt levels, falling prices for oil and chemicals, and lower demand related to Covid-19.
As the world’s leading producer of coal-based fuel, Sasol Ltd plans to cut jobs and end its petroleum activities in Gabon and Nigeria, as part of its reorganization. It is not known, however, how many jobs will be lost after the process announced by the operator based in South Africa.
Sasol’s interests in petroleum include a 27.75% stake in the Etame Marin license off the coast of Gabon, operated by Vaalco Energy, and a 10% stake in a gas to liquid conversion project of 33,000 barrels a day in Nigeria.
Sasol has already scaled down due to high debt levels, falling oil and chemical prices, and lower demand due to the Covid-19 pandemic, revealed oedigital.com. The operator, which specializes in converting coal and natural gas into liquid hydrocarbons, has announced that it will refocus on chemicals and energy.