August 26, 2019 / 1:23 PM / 25 days ago

S.Africa's Sasol lowers LCCP earnings and revises unit start-up dates

JOHANNESBURG, Aug 26 (Reuters) - Sasol said on Monday it had reduced its 2020 core earnings target for its U.S. ethane cracker project and revised the dates for the unit’s start-up following technical issues.

Sasol lowered its earnings before interest, tax, depreciation and amortisation(EBITDA) guidance for the Lake Charles Chemicals Project (LCCP) for the 2020 financial year to between $150 to $300 million from between $300 to $350 million.

Sasol delayed the release of its annual financial results earlier this month due to possible “control weaknesses” at the project, sending shares in the chemicals and energy company sharply lower. (Reporting by Tanisha Heiberg)

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