Industry News

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22
Jun

From next year trucks on the N3 could save 25% on fuel thanks to LNG – but motorists can’t have any

A Free State gas company has signed a deal with Total to set up liquefied natural gas (LNG) pumps on the N3, one each near Johannesburg and Durban. They will sell LNG as an alternative fuel for adapted vehicles, at a price pegged at a minimum of 25% less than diesel. But there won't be enough LNG to go around, at first, so ordinary motorists are out of luck. For…

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19
Jun

Sasol unveils new business structure, takes a step back from oil investment

The energy and chemical company has unveiled an organisational overhaul.   Unions have been served with consultation letters over possible impact on jobs. The group has been under pressure from the combined effects of weaker oil prices and the global impact of Covid-19. Battered by the impact of volatile oil prices and high debt, Sasol on Thursday unveiled an overhaul of its business which will see the company take a step back…

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17
Jun

Plane speaking: IEA says aviation to hold back oil recovery

Demand for petrol and diesel is set to heal by the end of the year but the coronavirus crisis is likely to leave scars on the airline industry and the oil market, the International Energy Agency said on Tuesday. The IEA continued to upgrade its forecasts for the oil market in its latest monthly report as more countries ease lockdown measures that have pushed the world economy into its greatest…

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17
Jun

OPINION | Oil demand isn’t roaring back yet – it was too good to be true

It was too good to be true. Last weekend’s OPEC+ meeting took a decision in record time to extend deep output cuts that had halted a dramatic slide in prices — and members even agreed to abide by them. The timing was perfect. The deal would keep oil from flooding the market, allowing time for demand to recover as economies around the world fire back up after draconian coronavirus lockdowns. Yet…

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15
Jun

2 people dead after car collides with fuel tanker, man walks into flames on N2 near Grabouw

Two people have died in a gruesome tragedy on Houwhoek Pass near Grabouw in the Western Cape after a car collided with a petrol tanker on Saturday. In a video of the accident posted on Facebook, the voice of the unnamed driver of the truck can be heard explaining what happened. He said a car carrying two occupants swerved right into the direction of his truck as he travelled down…

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15
Jun

Sasol draws multiple bids for stake in US chemical site

Sasol [JSE: SOL] has received offers from firms including Ineos Group for a large stake in a US chemical complex it is selling to shore up its finances, according to people familiar with the matter. Chevron Phillips Chemical and LyondellBasell Industries are also among those moving into a second round of bidding for a slice of the Lake Charles project in Louisiana, the people said, asking not to be identified…

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12
Jun

Cabinet greenlights process for merger of state fuel companies into single entity

Cabinet has given its approval to start a process to establish a single National Petroleum Company. The entity will be made up of the three current subsidiaries of the Central Energy Fund, namely PetroSA, the Strategic Fuel Fund and iGas, Cabinet said in a statement following a meeting on Wednesday in which it was briefed on the rationalisation of the companies. "Cabinet approved the proposed appointment of a professional restructuring…

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12
Jun

Theft may cause fuel shortages

Motorists in the interior of South Africa may experience ongoing fuel shortages this week due to damage to a Transnet pipeline carrying fuel from Durban to Gauteng. In the current financial year, Transnet pipelines have already suffered 21 incidents of tampering by perpetrators hoping to steal fuel. The 61cm diameter multiproject pipeline in question stretches from Durban to Jameson Park in Johannesburg. The damage to the pipeline, which was done…

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08
Jun

Sasol shares briefly rally on stronger oil price before paring gains

Sasol shares gained as much as 14% on Wednesday as the price of Brent Crude oil rose above $40 a barrel for the first time in nearly three months, before pairing gains to trade up 1.5% in the early aftrenoon. After coming under pressure from the combined effects of weaker oil prices and the global impact of Covid-19, shares in the petrochemical firm peaked at R133.83 in mid-morning trade, the…

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03
Jun

Petrol hikes kick in today

AS from today, June 3 motorists will have to feel the pinch of the fuel hikes after the Department of Energy announced an increase in the retail price of all grades of petrol by R1.18 cents per litre. Diesel will rise by 22 cents. The Minister of Mineral Resources and Energy, Gwede Mantashe, announced the adjustment of fuel prices based on current local and international factors on Monday, June 1.…

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