Rekans
Ini info yang lebih baru ,kelihatannya sangat menarik ya CTL itu !!!
Memang proyek di China itu US`3 Billion , ya mirip dengan hasil penjualan
KPC dan Arutmin .
Next Sasol's project will be in Indonesia ?????
Si Abah
_________________________________________________________________________
Sasols star rises in Beijing
By: Barry Sergeant
Posted: '06-MAR-06 15:37' GMT © Mineweb 1997-2004
JOHANNESBURG (Mineweb.com) --Sasol CEO Pat Davies could hardly hide his
enthusiasm during presentation of the groups half-year results at his
companys Johannesburg head office on Monday. China has all the oil it
needs, Davies told a large, puzzled audience. He then explained that if
just 10% of Chinas existing coal reserves were to be converted to liquid
fuels, that would be equal to the combined crude oil reserves of the
world.
The bridging factor, of course is Sasol, with its cutting-edge
technologies in converting coal into liquid fuels (coal-to-liquid, CTL)
and its close relative, gas-to-liquid (GTL). Sasol already in November
completed pre-feasibility CTL studies in China, and is now discussing the
framework for developing feasibility study stage two.
In South Africa, Sasol currently converts some 45 million tons of coal a
year and 200 million cubic feet of gas a day to produce around 160,000
barrels of liquid fuel products daily. It also separately refines 108,000
barrels of crude oil a day. But Sasols negotiations with China are not
about technologies alone, not by a long way.
For one thing, tax recently became a potentially big issue for Sasol in
South Africa, when finance minister Trevor Manuel on March 15 hinted that
the group could be hit with a windfall tax, apparently for having become
too good at what it does. Sasol is already one of the biggest, if not the
biggest, corporate taxpayer in South Africa. At Mondays presentation,
Davies said he was not yet aware that a task group, which the minister had
hinted at, had been established.
Negotiations with China thus include discussions around an agreed taxation
regime, with long-term settlement on that no doubt key to Sasols
decisions to build two CTL plants in Chinas Ningxia Huizu region. Various
presentations by Sasol have indicated that two world scale CTL plants, as
mooted for China, could cost $3 billion each. On Monday, Sasol presented
the round figures for a typical world-scale CTL plant.
Such a plant would have 80,000 barrels per day (equivalent) name plate
capacity, with the output divided into 66% diesel, and 34% naphtha & LPG
(liquid petroleum gas). Such a plant would consume 15 19 million tons of
coal a year. Putting aside the capital costs for a moment, at coal prices
of $10 a ton, feedstock costs for such a CTL plant would work out at
around $5 per barrel equivalent.
Other direct operating costs would then add about $15 a barrel equivalent,
to take non-capital costs to about $20 a barrel. While these figures look
very good indeed when crude oil is changing hands at about $60 a barrel,
Sasol reiterated again in its presentation that host government fiscal
support is essential for world-scale projects to go ahead.
But Sasols forward profile is now far more diversified than just possible
CTL plants in China. The Sasol group (which is also a sizeable chemicals
producer) may be a smallish player in the international energy arena (its
$21 billion market value compares with, say, $373 billion for Exxon
Mobil), but its technologies rate it as a world leader.
The international publication Business Week recently said says Sasol is
already enjoying huge commercial success in an arena that has eluded US
companies -- making fuel from coal. It is embarking on a program to brew
clean-burning diesel from natural gas. It may even link up with coal
producers in the US heartland. Beyond the possible CTL plants in China,
Sasol on Monday confirmed that its involved with the preliminary
evaluation of opportunities in the US and India.
On the gas-to-liquids front, the commissioning of Sasols GTL facility in
Qatar in a few months will see it remaining out front, and at least three
years of its closest competitors. Also in GTL, Sasol continues with
pre-feasibility studies for the Escravos GTL expansion 66,000 barrels a
day in Nigeria. There is also technical feasibility work being
undertaken in respect of two additional Qatari projects, plus a
pre-feasibility study underway for an Australian GTL venture.
The capital expenditure costs are massive. During the half-year to 31
December 2005, Sasols cash flow capital expenditure added up to R6.1
billion. Major projects advanced included the fuel quality enhancement and
polymer expansion project (Project Turbo) in South Africa, the Oryx GTL
venture in Qatar and the Arya Sasol polymers project in Iran.
Going forward, Sasols offshore interests underpin re-engineering of its
geographic risk profile. Of the R15bn the group has earmarked for capital
project expenditure over the next five years, 46%, or R6.9 billion, is
allocated to South Africa. This is followed by Rest of Africa at 30%, and
the Middle East with 18%, with relatively small figures allocated for
Europe, US and the rest of world.
In its latest reported half year, Sasol reported headline earnings per
share increasing by 67% to R11.58. Operating profit increased by R4.6
billion (71%) to R11.1 billion. Higher average international oil prices
boosted operating profit by about R2.9 billion, after taking into account
the negative effect of the Sasol Synfuels oil production hedge incurred in
the previous reporting period of around R700 million. The benefit was
enhanced by the positive impact of the weaker rand which lifted operating
profit by some R600 million.
The benefit of higher international crude oil prices was, however, only
realised in the energy and fuel-related businesses with adverse effects
being reflected in the chemical businesses following higher oil-derivative
feedstock costs. Margins, moreover, were adversely affected in most of the
chemical businesses by a reduction in international chemical commodity
prices.
As to the second half of this financial year, to 30 June 2006, Sasol
anticipates considerably lower earnings than in the first half, leaving,
of course, pleasing growth for the year as a whole, given the hugely
above-trend growth seen in the first half. The guidance down on
second-half earnings assumes lower oil and commodity chemical prices and a
stronger rand relative to the first half.
© Mineweb, a division of Moneyweb Holdings Limited, 1997-2004.
Redistribution or reproduction of this content, whether by e-mail;
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