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Oil to average $61/barrel in year to June 2007 - Pat Davies, CEO of Sasol In an interview on 702 @ 18:25 on 05 March 2007 [miningmx.com] -- SASOL, the South African gas and coal to liquid fuels company, expects crude oil to average $60 to $61 per barrel in the full year to end-June, CEO Pat Davies said on Monday. “While we are expecting satisfactory growth for the full year, we are expecting some softening as a result of oil prices and currency, but it will be quite a small one,” Davies said on the World at Six business show broadcast on 702. “Oil prices have picked up again and we expect it to average at $60 or $61 for the full financial year,” he said, adding the company expected the rand to average R7.20 against the dollar for the same period. Sasol has begun producing high-quality diesel from a gas-to-liquid fuel plant at Oryx in Qatar, something the company sees as a major achievement. “The technology works and we’ve proved it works outside South Africa on a large-scale basis,” Davies said, adding the first shipment of 30,000 tonnes of diesel will leave the plant in coming months. Sasol is expanding its technology into other countries, notably China, India, Australia, the US and Nigeria. Commercial agreements are under negotiation in China and Australia. In Nigeria, a plant of similar size to the Oryx plant will come on stream in 2009. There are delays on some projects because of a shortage of engineering and construction skills. Sasol is implementing a large black economic empowerment transaction, Davies said without giving any details. He also declined to give any comment on the proposed windfall tax proposals a task team has submitted to the National Treasury.
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