Sasol is a South African integrated energy and chemicals company built around its proprietary Fischer-Tropsch (FT) technology, which converts coal and natural gas into liquid fuels and chemicals. The core of the business is Secunda Operations in Mpumalanga — one of the world's largest coal-to-liquids (CTL) facilities — where Sasol mines its own coal, gasifies it into synthesis gas, and converts it into synthetic fuels and chemicals. Output splits roughly 60/40 between fuels and chemicals. Natural gas piped from Mozambique supplements coal as feedstock. Sasol also operates the Natref crude oil refinery jointly with PRAX, and sells liquid fuels in South Africa through wholesalers, retailers, and direct channels. Beyond South Africa, Sasol operates an international chemicals business with manufacturing assets in the U.S. (Lake Charles, Louisiana), Germany, Italy, and China, producing ethylene, polyethylene, alcohols, surfactants, and specialty chemicals. Profitability in the South African business is driven by the spread between production costs at Secunda and the rand oil price — when oil is high or the rand is weak, margins expand. Fixed costs are large, so Secunda production volumes are the key operational lever. Internationally, margins depend on the spread between feedstock costs and chemical product prices, which has been under pressure from global overcapacity. Near-term priorities include restoring Secunda production volumes through a coal destoning plant, deleveraging the balance sheet, reducing emissions via renewable energy, and restructuring the international chemicals portfolio toward higher-margin products.