Fuel Giant Sasol Is Transforming Into a Chemicals Powerhouse

Sasol Ltd. built its business making fuel from coal, shielding apartheid-era South Africa from sanctions. The $11 billion Lake Charles project will catapult Sasol’s chemicals revenue to more than 70 percent of the company’s total once fully up and running, and the share is likely to get even bigger over time, co-Chief Executive Officers Bongani Nqwababa and Steve Cornell said in an interview this week at Bloomberg’s Johannesburg offices. While the group is still looking to expand the number of gas stations it operates in its home market and boost natural gas output in Mozambique, the best international growth opportunities are in specialty chemicals, which are used in products from cosmetics to hardware, Cornell said.