South Africa's Sasol Delays US GTL Project

South Africa’s Sasol has decided to delay the final investment decision on its large-scale, gas-to-liquids (GTL) plant near Lake Charles, Louisiana.

The company on Wednesday announced the decision comes as it is formulating a comprehensive plan to conserve cash in response to lower international oil prices.

"Albeit at a much slower pace, we will continue to progress the U.S. GTL facility. This will allow us to evaluate the possibility of phasing in the project in the most pragmatic and effective manner. North America and our home base in Southern Africa remain strategic investment destinations for Sasol," said David Constable, President and Chief Executive Officer.

Sasol is proceeding with the construction of the ethane cracker and derivatives complex in Louisiana, the company added.