Sasol CEO, David Constable, believes the company is in good shape despite current oil prices. He also believes the company did the right thing when it implemented a recent cost-cutting and cash-conservation plan to save money, in so doing also protecting itself from low oil prices.
- Read our interview with Sasol CFO, Bongani Nqwababa
The programme, which has reportedly already saved the company some R8.9 billion ($640 million), has also put Sasol in a position strong enough to respond to the current, turbulent macroeconomic environment. Sasol aims to save some R50 billion in total with this programme, which will span 2.5 years and began earlier this year.
In a recent statement the company said:
"Foreign-exchange and oil-price movements are outside of our influence, hence our focus remains firmly on factors within our control, which include volume growth, margin improvement, cost optimization and cash conservation. Oil and other commodity price risk hedging are continuously evaluated."
It was announced in June that Constable, who was appointed in 2011, will not be renewing his employment contract with Sasol, which expires end May 2016.