SASOL LTD. (ADR) $56.49 (New York symbol SSL; TSINetwork Rating: Extra Risk) (082-883-9697; www.sasol.com; ADRs outstanding: 650.6 million; Market cap: $38.4 billion; Dividend yield: 4.5%) has developed a technology to convert coal and natural gas into motor fuels.
The company is the world’s largest producer of fuel from coal at its Secunda, South Africa, facility. It also makes synthetic fuels from natural gas at plants in Qatar and Nigeria. As well, Sasol produces chemicals, oil and gas in Africa. It’s also South Africa’s thirdlargest coal producer.
In its 2014 fiscal year, which ended June 30, 2014, Sasol’s revenue rose 19.3%, to 202.7 billion South African rand (1 rand = $0.1039 U.S.) from 169.9 billion rand in fiscal 2013. Earnings per ADR rose 14.3%, to a record 60.16 rand from 52.62 rand.
The company is considering spending up to $21 billion U.S. to build a complex in Louisiana to turn natural gas into chemicals, diesel and other fuels. It will make a final decision by the end of 2014.
Expanding in the U.S. would help Sasol offset some of the political and currency risks of operating mainly in South Africa. The company would also be able to take advantage of low U.S. natural gas prices. However, major projects like the Louisiana complex can add a lot of risk.
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