Page 18 - AfrOil Week 34 2022

AfrOil NEWS IN BRIEF AfrOil

Now including selections from NewsBase’s partner service

In Egypt, SDX has a working interest in two pro- in the first half of the financial year, as well as According to Aba, the federal government
ducing assets: a 36.9% operated interest in the adverse weather events in the KwaZulu-Na- must take “extraordinary measures to fix the
South Disouq and Ibn Yunus gas fields and a tal province that resulted in damage to port issue, including a “crude oil swap” to “defray the
67.0% operated interest in the Ibn Yunus North export infrastructure. Chemicals America also backlog.”
gas field in the Nile Delta and a 50% non-op- recorded lower production compared to the bna/IntelliNews, August 24 2022
erated interest in the West Gharib concession, prior year, largely due to the divestments of its
which is located onshore in the Eastern Desert, 50% interest in the US Base Chemicals business NCDMB commissions
adjacent to the Gulf of Suez. at Lake Charles and its 50% interest in the Gem-
bna/IntelliNews, August 19 2022 ini high-density polyethylene joint venture, con- ICT centre in Opokuma
cluded in December 2020.
High oil prices lift Sasol’s is a key part of Sasol’s strategy. “We have plans itoring Board (NCDMB) on Friday commis-
Addressing climate change, Grobler noted, The Nigerian Content Development and Mon-
performance in FY 2022 to decarbonise our operations by 2050 through sioned an Information and Communication
multiple viable pathways to realise our net-zero Technology Centre and E-learning facility at
South African chemicals and energy group Sasol ambition,” he said. Opokuma Grammar School, Bayalsa State.
said on August 23 that it had posted a strong per- bna/IntelliNews, August 24 2022 The centre is equipped with desktop comput-
formance in Financial Year 2022, which ended ers, projectors, printer, photocopier and as well
June 30, 2022, benefiting from higher crude oil as an e-library and the entire facility is powered
and chemical prices. POLICY by a 30-KVA generating set, with a 20-KVA
In a statement, Sasol said its earnings before backup solar inverter to ensure stable and con-
interest and tax had risen to $3.6bn, up from Nigerian air employees’ stant power supply. The facility also has a com-
$975mn in FY 2021, while headline earnings puter instructor, internet facility and one-year
grew 21% y/y to $1.7bn. Given this robust per- union proposes paying maintenance contract.
formance, the company declared a gross final Speaking at the commissioning ceremony,
cash dividend of $0.86 per share, its first in three foreign airlines in crude oil the Executive Secretary, NCDMB, Simbi Kes-
years and the highest in its history. iye Wabote explained that the donation of the
“Sasol delivered a strong set of financial Nigeria’s National Union of Air Transport ICT center is in line with the Board’s mandate
results against the backdrop of increased volatil- Employees (NUATE) has suggested that for- of building local participation and human and
ity resulting from ongoing geopolitical tensions, eign airlines struggling to repatriate funds back material capacities in the oil and gas industry.
extended COVID-19 lockdowns and global sup- to their home countries be offered crude oil The Executive Secretary who was repre-
ply chain disruptions,” the statement noted. instead of dollars as compensation, The Nation sented by the Director, Finance and Personnel
“We benefitted from higher energy and has revealed. Management, Isaac Yalah enjoined stakeholders
chemicals prices, as well as strong cost and cap- As things stand, foreign airlines such as the in the community to ensure the full utilisation
ital discipline through the delivery of our Sasol UAE’s Emirates hold $464mn worth of air fares and protection of the facility. He charged the
2.0 transformation programme. This was offset inside Nigeria. But with Abuja suffering from a management and staff of the school to encour-
by lower volume performance, mainly due to the dollar shortage, these carriers have been unable age the students to use the e-learning tools pro-
operational challenges experienced in [Hthe first to repatriate this money. vided in the facility to boost their knowledge and
half of the financial year. We have seen improved As a result, airlines have started cancelling potentialities.
performance on the back of more stable opera- and suspending air traffic to the West African In his remarks, the General Manager, Corpo-
tions in the second half of the financial year.” country. Emirates in particular has cancelled all rate Communications and Zonal Coordination,
Listed on the Johannesburg Stock Exchange, flights to and from Nigeria from September 1. Ginah O. Ginah hinted that the facility would
Sasol has operations in 22 countries worldwide. The disruptions may spread further, as wor- assist students to acquire requisite knowledge
Among other products, it supplies diesel, gaso- ries about the future devaluation of the naira and skills required in the oil and gas industry. He
line, jet fuel, LPG, alcohols, polymers, solvents, have led many carriers to fear that they will lose added that the center will also serve as e-learning
ammonia, methanol, crude tar acids, sulphur, income if their savings are affected. center to enable students engage in research and
illuminating paraffin, bitumen and residual fuel According to NUATE’s General Secretary development.
oil. The company’s president and CEO Fleet- Ocheme Aba, Nigeria could address some of In his goodwill message, the Honorable
wood Grobler said: “Financial Year 2022 was these concerns by compensating airlines with Member Bayelsa State House of Assembly rep-
characterised by a number of factors impact- crude oil instead of dollars. In a letter to Min- resenting Kolokuma/Opokuma Local Govern-
ing our business, including geopolitical ten- ister of Aviation Hadi Sirika, Aba noted that a ment Area (KOLGA), Wisdom Fafi appreciated
sions, further COVID-19 lockdowns in China, solution must be found in order to protect the the Board for donating the ICT centre and
weather-related events and global supply chain country’s image. “We feel obliged to mention assured that the Bayelsa State Government will
disruptions. These conditions dampened global the threat to the employment and livelihood of continue to support the Board in its efforts to
demand and triggered fears of recession in both thousands of workers of these foreign airlines, attract oil and gas investment opportunities to
advanced and developing economies. Amidst should there [be] further significant reductions the state.
this volatility, we demonstrated resilience, deliv- or outright shutdown of operations of these Also speaking, the King of Opokuma Clan,
ering a strong set of financial results for the year airlines,” Aba said. “We must also mention the His Royal Highness, King Collins Aranka, Opu-
in a complex and difficult external environment.” concomitant losses not excluding jobs that Okun (v) lauded the Board’s commitment to
Sasol produced lower volumes across most of would accrue to several service providers who reach out to local communities in the state, not-
its segments compared to the prior year, Grobler are almost entirely dependent on the foreign air- ing that the facility will not only serve the stu-
said, mainly due to the operational challenges lines – ground handling, inflight catering, logis- dents but will also help youths in the community
experienced in its South African value chains tics, aviation security.” to acquire computer literacy.

P18 www. NEWSBASE .com Week 34 25•August•2022