August 16, 2019 / 7:06 AM / 5 days ago

South Africa's Sasol delays results due to U.S. project glitch

JOHANNESBURG, Aug 16 (Reuters) - South Africa-based chemicals and energy company Sasol Ltd said on Friday it would delay the release of its 2019 financial results due to possible “control weaknesses” at its U.S. ethane cracker project.

Sasol said its auditors would need to consider an independent report the board had commissioned on its Lake Charles Chemicals Project (LCCP) and therefore expected to announce 2019 financial results on Sept. 19 instead of Aug. 19.

The company said it still expected cost guidance for LCCP to between $12.6 billion and $12.9 billion but that it now expected full production at LCCP to be delayed to around Aug. 26 from the previous guidance of end of July after a technical challenge relating to a large heat exchanger. (Reporting by Tanisha Heiberg; Editing by Mark Potter)

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