Sasol
US sanctions 11 entities for aiding Iran’s oil sector
The US imposed sanctions on 11 entities and three executives Thursday for allegedly aiding an Iranian energy firm that was blacklisted in January, and helping Iran export petroleum products . The new designations of companies and executives include six under the Treasury Department’s authorities and five under the State Department. All are based in Iran, the United Arab Emirates (UAE) or China. The State Department’s sanctions target Iran-based Abadan Refining Company; China-based Zhihang Ship Management, New Far International Logistics LLC and Sino Energy Shipping; and UAE-based Chemtrans Petrochemicals Trading. The department also imposed sanctions on New Far executive Min Shi, Sino Energy executive Zuoyou Lin and Abadan managing director Alireza Amin. “All entities targeted today contin...
Sasol to Start Cutting Jobs in August Amid Global Oil Price Slump
Sourced from BizNews. Sasol is set to begin employee dismissals from mid-August in efforts to cut costs in a new strategy aimed at boosting its balances. This comes after the company was battered by the general decline in oil prices as a result of the worldwide COVID-19 pandemic. According to Fin24, in a letter to its employees dated 18 June the company says it was under considerable financial pressure and that unless stringent and emergency actions are taken, it would not survive the year. The massive petrochemical firm, employer of 31,000 people around the world, continues to estimate that its financial position will remain under “severe pressure” due to the depressed prices on oil. Based in Johannesburg, Sasol says that its “…financial position continues to be under severe pressure, esp...
