Sasol sells 15 000 barrels in oil hedge July 21, 2004
Johannesburg - Synthetic fuel firm Sasol had sold 15 000 barrels per day (bpd) forward to hedge its exposure to the oil price and stabilise cash flows, bringing hedging to 45 000 bpd for the 2004/05 year, it said yesterday.
Sasol said it did not expect to extend its oil hedging for the current financial year, which ends in June, and said its total hedging was at weighted average Brent crude oil price of $33.12 (R196.07). Sasol said in May it had sold 30 000 bpd forward at a weighted average price of $31.85 to improve the stability of its cash flows.
Sasol's shares were little changed after the announcement, closing at R99.80 yesterday.
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