Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 61
The Fuels segment comprises the sales and marketing of liquid fuels produced in South Africa. Sasol supplies approximately 40% of South
Africa's domestic fuel need through retail and wholesale channels. Liquid fuels are blended from fuel components produced by the Secunda
Operations, crude oil refined at Natref, as well as some products purchased from other refiners. Liquid fuel products are sold under both
short- and long-term agreements for both retail sales and commercial sales, including sales to other oil companies.
Liquid fuel prices are mainly driven by the Basic Fuel Price (BFP). Sales through wholesale is at BFP plus costs such as transportation and
storage. For commercial sales and sales to other oil companies, the prices are fixed and determinable according to the specific contract, with
periodic price adjustments.
Turnover is recognised as follows:
Control passes to the customer:
At the point in time when the fuel is delivered onto the rail tank car, road tank truck or into the
At the point in time when the goods are unloaded to the port of shipment; Sasol is not responsible
for the freight and insurance.
Carriage Paid To
Products: At the point in time when the product is delivered to a specified location or main carrier.
Freight: Over the period of transporting the goods to the customer’s nominated place – where the
seller is responsible for freight costs, which are included in the contract.
The Fuels business also develops, implements and manages the group’s international business ventures based on Sasol’s proprietary
gas-to-liquids (GTL) technology. Sasol holds 49% in ORYX GTL in Qatar.
Chemical products are grouped into Advanced Materials, Base Chemicals, Essential Care Chemicals and Performance Solutions.
The Chemicals Businesses sell the majority of their products under contracts at prices determinable from such agreements. Turnover
is recognised in accordance with the related contract terms, at the point at which control transfers to the customer and prices are
determinable and collectability is probable.
NOTES TO THE FINANCIAL STATEMENTS
SASOL LIMITED GROUP
CONSOLIDATED FINANCIAL STATEMENTS
The point of delivery is determined in accordance with the contractual agreements entered into with customers which are as follows:
Control passes to the customer:
At the point in time when products are loaded into the customer’s vehicle or unloaded from the
seller’s storage tanks.
At the point in time when products are loaded into the customer’s vehicle or unloaded at the seller’s
Carriage Paid To (CPT); Cost
Insurance Freight (CIF); Carriage
and Insurance Paid (CIP); and
Cost Freight Railage (CFR)
Products – CPT: At the point in time when the product is delivered to a specified location or main
Products – CIF, CIP and CFR: At the point in time when the products are loaded into the transport
Carriage, freight and insurance: Over the period of transporting the products to the customer’s
nominated place – where the seller is responsible for carriage, freight and insurance costs, which are
included in the contract.
Free on Board
At the point in time when products are loaded into the transport vehicle; the customer is responsible
for shipping and handling costs.
Delivered at Place
At the point in time when products are delivered to and signed for by the customer.
As and when products are consumed by the customer.
SASOL LIMITED COMPANY
The Corporate Centre includes head office and centralised treasury operations.
Sasol Annual Financial Statements 2021