South Africa
Sasol revamp to cut jobs─── 17:41 Thu, 18 Jun 2020
Sasol plans to cut jobs and end West African oil operations as part of a business revamp, the petrochemicals producer said, adding it had also agreed a deal with lenders to relax borrowing rules.
Sasol has been reviewing its business as it struggles with high debt levels, falling oil and chemical prices and lower global demand due to the Covid-19 pandemic.
Reuters reports that the company’s revised strategy aims to have a greater focus on enhanced cash generation, value realisation for shareholders and business sustainability.
Sasol said the revamp would affect its workforce, but did not say how many jobs might be lost. The company said it was seeking consultations with trade unions in South Africa and aimed to do the same in other countries.
Moneyweb
