September 6, 2019 / 9:05 AM / a month ago

UPDATE 1-South African petrochemicals group Sasol's results delayed again

(Recasts on further delay, adds detail, share price reaction)

JOHANNESBURG, Sept 6 (Reuters) - South African petrochemicals company Sasol’s 2019 finical results will be delayed further after additional work was commissioned under a review at its U.S. ethane cracker project, it said on Friiday, sending its share price lower.

Sasol has delayed release of its 2019 financial results to a date some time before the end of next month, spokesman Alex Anderson said.

The world’s biggest maker of coal-derived motor fuel had previously postponed release of its results to Sept. 19 from Aug. 19, citing possible “control weaknesses” at its Lake Charles Chemicals Project (LCCP).

“The board has resolved to commission additional work under the independent review and to stipulate for in-depth investigation into certain aspects contemplated under the original scope,” Sasol said in a statement on Friday.

Shares in Sasol were down 3.6% at 261.60 rand by 0841 GMT.

The project in Louisiana, which will convert natural gas into plastics ingredient ethylene, was initially expected to cost $8.9 billion but that 2014 forecast has since been revised to as much as $12.9 billion.

Sasol said it would make a further announcement on its results as soon as a date has been determined. (Reporting by Tanisha Heiberg Editing by David Goodman)

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