Latest news with #Sasol
News24
7 hours ago
- Business
- News24
Oil drops, Sasol slumps as Trump delays Iran move
• For more financial news, go to the News24 Business front page. Oil prices retreated Friday while stock markets gained ground as concerns over a war escalation in Iran eased. International crude benchmark contract Brent dropped more than two percent, weighing on the share prices of energy majors, after US President Donald Trump said Thursday that he would decide whether to join Israel's strikes on Iran within the next two weeks. Traders said it suggested Trump preferred negotiations to end the fighting, as top European diplomats met Iran's Foreign Minister Abbas Araghchi in Geneva on Friday to discuss a "diplomatic solution" to end the war. The JSE's All-Share index ended flat, while Sasol lost almost 6% to R95.36. The synthetic fuel producer's shares jumped along with oil prices since the attacks on Iran. It was trading around R87 before the conflict. The rand lost half a percent over the past week, spiking to almost R18.16/$. By Friday afternoon it was back below R18. US indices opened slightly higher Friday, though analysts said volumes were likely to be lacklustre with many traders taking a four-day weekend after Thursday's Juneteenth holiday. European stock markets were up in afternoon deals while Asian equity indices closed out the week mixed. "News that president Trump would delay any decision on joining Israel's attacks against Iran has boosted the market mood," said Kathleen Brooks, an analyst at trading firm XTB. "Brent crude has dropped... as traders price out the worst-case scenario for geopolitics," she said. Crude futures had soared and global equities slumped in recent sessions as the Israel-Iran conflict showed no signs of easing, with investors pricing in the risk of tighter oil supplies that would likely weigh on economic growth. "While the immediate prospect of a US intervention in Iran may have diminished, the fact this is reportedly a two-week hiatus means it will remain a live issue for the markets going into next week," said Dan Coatsworth, an investment analyst at AJ Bell. "A meeting of European ministers with their Iranian counterparts to try and formulate a deal today could be crucial." While the Middle East crisis continues to absorb most of the news, Trump's trade war remains a major obstacle for investors as the end of a 90-day pause on his April 2 tariff blitz approaches. "While the worst of the tariffs have been paused, we suspect it won't be until those deadlines approach that new agreements may be finalised," said David Sekera, chief US market strategist at Morningstar. "Until then, as news emerges regarding the progress and substance of trade negotiations, these headlines could have an outsize positive or negative impact on markets," he said. In Europe, Eutelsat shares soared 27 percent on the Paris stock exchange after the French government said it would lead a 1.35 billion euros in the European satellite operator. French President Emmanuel Macron urged a "speedy reconquest" for Europe in the space sector in the face of growing American competition, in a speech at the Paris Air Show.
News24
4 days ago
- Business
- News24
Oil climbs after Trump's Tehran warning, Sasol now up 80% since April
• For more financial news, go to the News24 Business front page. Oil prices jumped on Tuesday after US president Donald Trump call for Tehran residents to evacuate. Brent crude rose more than 1% to $74.15 a barrel. A month ago, it was trading close to $60. The synthetic fuels group Sasol's share price continued its surge from Friday. By late morning on Tuesday, it was trading at R99.43. It was trading at R87 on Thursday, before Israel's attacks on its regional foes. Its shares have now gained 80% since it reached its lowest level since the pandemic in April. Sasol has been grappling with the fallout of a disastrous US chemicals project, which resulted in a huge debt burden. After Friday's surge sparked by the attacks, crude ticked more than one percent lower Monday as traders bet that the conflict would not spread throughout the Middle East and key oil sites were mostly left untouched. Prices bounced back Tuesday after Trump called for the evacuation of the Iranian capital, which is home to nearly 10 million people. "Iran should have signed the 'deal' I told them to sign," he said on social media, referring to nuclear talks that were taking place. "What a shame, and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" Trump later poured cold water on remarks from French President Emmanuel Macron that he was leaving the G7 summit in Canada to discuss a possible ceasefire. Gains were tempered after the International Energy Agency said in its 2025 report that global demand would fall slightly in 2030 for the first time since the start of the Covid pandemic in 2020. It cited "below-trend economic growth, weighed down by global trade tensions and fiscal imbalances, and the accelerating substitution away from oil in the transport and power generation sectors". Traders are keeping a wary eye on developments in the Iran crisis, with the aircraft carrier USS Nimitz leaving Southeast Asia on Monday after cancelling a Vietnam visit as the Pentagon announced it was sending "additional capabilities" to the Middle East. Trump has maintained that Washington has "nothing to do" with Israel's campaign, but Iran's foreign minister said Monday the US leader could halt the attacks with "one phone call". Tehran has said it would hit US sites if Washington got involved. Meanwhile, Britain, France and Germany called on Iran to quickly return to the negotiating table over its nuclear programme, a French diplomatic source said. The US president had earlier said Iran wanted to make a deal, adding "as soon as I leave here, we're going to be doing something". He later left the gathering in the Rockies, telling reporters: "I have to be back as soon as I can. I wish I could stay for tomorrow, but they understand, this is big stuff." Tehran had signalled a desire to de-escalate and resume nuclear talks with Washington as long as the United States did not join the conflict, according to the Wall Street Journal. Rand recovers After briefly breaking through R18/$ on Friday, the rand strengthened to R17.8177 by mid-morning on Tuesday. The rand has lost half a percent of its value against the dollar over the past week. Equities were mixed in Asian trade, with Tokyo, Singapore, Seoul, Manila, Bangkok, Jakarta and Taipei all advancing, while Hong Kong, Sydney, Wellington and Mumbai struggled along with London, Paris and Frankfurt. The JSE's All-Share index was 0.3% lower, with Harmony (-3.9%), AngloGold (-3.4%) and Gold Fields (-3%) among the biggest losers. Dealers also kept tabs on the G7 summit, where world leaders pushed back against Trump's trade war, arguing it posed a risk to global economic stability. Britain, Canada, Italy, Japan, Germany and France called on the president to reverse course on his plans to impose even steeper tariffs on countries across the globe next month.
Daily Maverick
13-06-2025
- Daily Maverick
Sasol report warns of ‘uncontrolled risk' to Joburg park gas pipeline
School learners and families are at risk as residents of a Homestead Park informal settlement light fires over a gas pipeline. The City of Johannesburg says eviction laws are delaying action. People living in shacks who are lighting fires daily over a gas pipeline, which is only 1.5 metres underground, are causing a huge potential safety risk for the inner-city suburb of Homestead Park. Yet the City of Johannesburg, despite having received a risk assessment report from Sasol, the owner of the pipeline, warning of the risks, is delaying the relocation of the land occupiers, saying it has to follow legal eviction procedures. The land occupiers have not only built shacks above the pipeline but are also digging pit latrines directly above it for their ablutions which, over and above the danger of hitting the pipe, could cause it to corrode through human waste, said Suhail Ahmed, the secretary of the Homestead Community Forum. 'We fear that with severe winter conditions setting in, the risks could be exacerbated as fires are being lit day and night. Already, in March, a fire spiralled out of control in one of the shacks and emergency services had to be brought in. This shows the limited safety behaviour and control exercised by these people,' he said. The City said it was aware of the risk but had to follow proper legal procedures to remove the occupiers, including finding alternative accommodation, which could take months, if not years. The issue was first reported in Sunday Times. Sasol's risk assessment says a school is located nearby and learners wait for transport adjacent to the property. Residents fear a repeat of the July 2023 explosion on Lilian Ngoyi Street (formerly Bree Street) in the Johannesburg CBD, caused by methane gas and which resulted in significant damage and one death. The investigation revealed that the methane gas resulted from underlying geological layers, and which escaped to the surface due to seismic activity. The City of Johannesburg delayed the repairs by awarding the R196-million contract to repair the busy street to a company that was facing fraud charges for allegedly defrauding City Power of R94-million. The contractor, Step Up Engineering, was later terminated for failing to meet contractual obligations and for the earlier fraud allegations. In May 2025, Joburg Mayor Dada Morero said the first phase of the rehabilitation work was scheduled for completion by the end of August. About 450 metres were affected and the road has been closed since July 2023. 'Families at risk' Sasol confirmed that it had performed and submitted a risk assessment to City officials. This was done in November last year and presented to City officials on 5 February 2025. On 4 March, a site inspection was done with Sasol, the City's disaster management unit and other officials. Nine shacks housing 15 people were found to be encroaching the pipeline servitude. 'Sasol takes this matter seriously and remains committed to ensuring the safety of communities and the integrity of its pipeline infrastructure,' said Sasol spokesperson Matebello Motloung. 'As part of efforts to maintain public safety, (we) continue to engage the office of the City of Johannesburg's municipal manager to discuss existing safety concerns posed by the… informal settlement and to explore mutually beneficial and sustainable solutions. '(We) do not have the legal authority to remove individuals or communities residing along the gas pipeline servitude. We rely on ongoing collaboration with relevant municipal and governmental authorities to address such matters in accordance with applicable laws and regulations.' He added that Sasol regularly conducted gas pipeline safety awareness campaigns in communities near pipelines. The risk report states that informal developments should not be closer than 25 metres from the pipeline and that those encroaching the pipeline 'place families at risk'. 'People living in unapproved structures will… dig pit latrines for toilet facilities. If… not correctly installed, human waste increases sulphur content in soil, which increases corrosion probability to steel structures, such as the gas pipeline.' It also states that the existing distances between the gas pipeline and the development are 'not acceptable and the informal residents must be removed due to undue and uncontrolled risk'. Sasol made a number of recommendations to address the risks. (Source: Sasol report) Egoli Gas said its responsibility for the gas pipe only started at Cottlesloe, not at Homestead Park. 'The responsibility for the integrity, safety and management of the pipeline and the land above it, including any risk posed by informal settlements, rests with Sasol as the pipeline owner, and with the City of Johannesburg as the custodian of land use and urban safety,' said the company in a statement. 'The gas pipeline supplies gas to our network via our manifold station at Cottesloe. This pipeline is a critical supply point for our network and enables the distribution of gas to our domestic, commercial, and industrial customers across Johannesburg. 'We are currently in discussions with Sasol on this matter and are committed to supporting efforts that lead to a safe and sustainable resolution. Egoli Gas' main point of concern relates to any damage or disruption to this line, as it would directly impact our ability to supply gas to customers across Johannesburg. The safety and security of this supply route is therefore of utmost importance.' City spokesperson Nthatisi Modingoane, replying to a query on whether emergency legislation existed in such a case, said: 'There is a commitment from the offices of the MMC for planning and public safety who are working with other key stakeholders from the departments of human settlements and social development to intervene and address the situation.' 'During the site visits, public education and awareness activities were conducted, so people are aware that they have to move,' he said. 'Home affairs conducted a socioeconomic assessment to determine how many people are residing there, their nationalities and status and whether there are vulnerable persons who may need to be taken to the shelter or place of safety. The Human Settlements Department and the Johannesburg Property Company are actively looking for alternate space. There is no time frame available, but home affairs will have to be part of the eviction process,' he said. 'Foot-and-mouth disease' Another concern in the area is a herd of cows that has been wandering through the streets for the past three years. After the recent blitz by City officials, residents have now been told that the animals have foot-and-mouth disease and cannot be moved until the Gauteng Department of Agriculture and Rural Development conducts an inspection. Ahmed, however, said this could take months: 'While we appreciate the clearing of overgrown trees and grass and we realise there are processes to be followed, it is very frustrating for residents who have invested a lot of money into their properties watching the suburb decline daily. 'Already, a week after the cleaning, people are back there dumping and nothing has been done about the cows who walk in the streets right up to Brixton and Mayfair, endangering themselves and motorists. They are eating rotting food dumped on street corners. They defecate all over the streets and people's pristine pavements. Now they are telling us we again must wait.' The SPCA has visited often but says that only the Johannesburg Metro Police Department can remove them. SPAC Inspector Israel Lukheli said they had no knowledge of the foot-and-mouth disease issue. 'We have visited the site often, we even tried to herd the cows on foot to our nearby premises, but they started to run. We don't have the necessary resources or the authority to move them. We have offered to oversee and help the metro police move them, monitor the situation and ensure the conditions at the pound are safe for the animals,' he said. The Gauteng Department of Agriculture and Rural Development did not respond to a request for comment. Burning plastics Another problem Homestead Park residents are experiencing is that recyclers have started building shacks in their park where they burn unused plastics, leaving litter all over the park. 'City Parks said it had facilitated two multi-entity blitzes there and cleared the bushes and grass. They have further installed bollards at two access points at the park to prevent illegal vehicle entry, dumping and access by recyclers with trolleys,' said spokesperson Jenny Moodley. Regarding the shacks and their occupants, Moodley said they had to follow procedures. Park rangers, together with the metro police and other stakeholders, conducted random patrols and safety check operations across affected parks to ensure public health standards and protect the integrity of the City's green spaces, she added. DM
Eyewitness News
12-06-2025
- Business
- Eyewitness News
Ramaphosa says green hydrogen products could create up to 4 million jobs
CAPE TOWN - President Cyril Ramaphosa says green hydrogen projects could create up to four million new jobs in Africa by 2050. Delivering a keynote speech at the Green Hydrogen summit in Century City on Thursday, Ramaphosa said Africa's Green Hydrogen Alliance aims to produce 30 to 60 million tons of green hydrogen by 2050. The alliance comprises several African nations, including Egypt, Kenya, Mauritania, Morocco, Namibia, and South Africa. Locally, Ramaphosa said the government has prioritised projects that include Sasol's hyshift programme. Ramaphosa said more than 52 large-scale green hydrogen projects have been announced across Africa. "These include the Coega Green Ammonia Project in South Africa, the Aman Project in Mauritania, and Project Nour in Morocco. These are big, mega projects." Ramaphosa said locally, Sasol's Hyshift programme aims to produce up to 400,000 tons of sustainable aviation fuel annually. "To date, South Africa has invested more than R1.49 billion in our hydrogen South Africa programme. Through our partnership with the European Union, we have prioritised support to projects like Sasol's Hyshift programme." The president also said the two-day summit must serve as a platform for ideas and commitments, which put Africa at the centre of global energy rule-making.
Eyewitness News
12-06-2025
- Business
- Eyewitness News
Ramaphosa says over R1.4bn invested in SA green hydrogen projects
CAPE TOWN - President Cyril Ramaphosa said the country was making advances towards building the green hydrogen industry, with more than R1.49 billion invested in hydrogen projects. Delivering a keynote speech at the Green Hydrogen Summit in Century City, Cape Town, on Thursday, Ramaphosa said the government had prioritised projects, which include Sasol's HyShift programme, through its partnership with the European Union (EU). ALSO READ: Ramaphosa says more than 52 large-scale green hydrogen projects announced across Africa Ramaphosa said the programme aims to produce up to 400,000 tonnes of sustainable aviation fuel annually. "HyShift could anchor demand for up to 20 gigawatts of green hydrogen and represents a scalable model for industrial decarbonisation." Ramaphosa said the Sasolburg pilot project was producing green hydrogen for domestic use. "In the Eastern Cape, the Coega Green Ammonia Project is at an advanced planning stage and four additional flagship hydrogen projects are expected to be submitted for Cabinet approval soon." He added that the expansion of the country's electricity transmission infrastructure was also being accelerated through an independent transmission projects office.
