Recently, a major oil field was discovered in South Africa! | Earth Knowledge Bureau

Countries like Germany place particular emphasis on coal-to-liquids (CTL) technology. (Image: Vladimir Wrangel / shutterstock) ▼ This technology was originally invented by the Germans, but research into it stalled as global oil supplies continued to grow. Ironically, the country where CTL technology achieved its greatest success turned out to be South Africa. In the 1940s, South Africa enacted the Liquid Fuels and Petroleum Act, formally designating coal liquefaction technology development as a national strategy for resolving energy shortages—and enshrining this policy in law. Shortly thereafter, South Africa’s implementation of apartheid policies triggered worldwide condemnation and led to international oil embargoes, further accelerating its R&D efforts in coal liquefaction technology. Abundant coal resources form the foundation for coal liquefaction. The higher the liquefaction technology, the greater the degree of coal mining. (Image: Melanie Lamprecht / shutterstock) ▼ In 1955, South Africa established Sasol—a dedicated entity for coal liquefaction research and production—which successfully produced its first barrel of CTL diesel and built its first CTL plant; soon after, its initial petroleum products entered the market. Thus began South Africa’s era of liquid petroleum. (Image: Vanessa Bentley / shutterstock) ▼ So how did Sasol do it? Technically, coal liquefaction falls into two main categories: “direct liquefaction” and “indirect liquefaction.” Direct liquefaction involves hydrogenating coal directly to produce petroleum. Sasol opted instead for “indirect liquefaction,” which imposes lower requirements on raw materials and yields higher-quality output. This method adds an intermediate “gas production” step: coal is mixed with water and air, generating syngas—primarily carbon monoxide and hydrogen. Process of “Indirect Liquefaction” ▼ Next comes the most critical step: converting gas into gasoline and diesel. The prevailing industrial method today is the Fischer–Tropsch (FT) synthesis—the same technique adopted by Sasol—in which carbon monoxide, under catalytic action, forms an active carbon compound that reacts with hydrogen and subsequently polymerizes into various chemical products, including gasoline and diesel. Sasol ushered in a new era of energy technology for South Africa. Moreover, following the 1970s oil crisis, Sasol constructed its second and third CTL plants—in Sasolburg and Secunda—ensuring domestic energy supply at the time. The South African government also provided strong administrative support to the company, mandating that other local oil companies purchase large volumes of Sasol’s products and offering direct subsidies for Sasol’s operations and product pricing. Sasol’s significance to South Africa extends far beyond that of an ordinary energy enterprise—it has effectively become one of the pillars supporting the nation’s stability and development. (Image: Chris Redan / shutterstock) ▼ Today, after six decades of development, Sasol possesses the world’s most advanced CTL technology and remains the globe’s sole commercial producer of coal-to-liquids technology. Naturally, the company has greatly enhanced South Africa’s self-sufficiency in refined petroleum products: of the country’s annual 26 million tons of oil products, nearly one-third originates from Sasol.

Collection: Six Types of Shareholders in Listed Companies—How to Manage Share Lock-up Periods and Share Reductions | With Summary of Relevant Rules

On December 17, 2019, Zhang Hanhong informed Jinguang Shares that Liaoyuan Hongtu (the target company under the valuation adjustment mechanism agreement) would fail to achieve its promised net profit for 2019, and submitted a 'Notice of Share Reduction Plan' to Jinguang Shares’ Board of Directors, indicating his intention to reduce his shareholding. Zhang Hanhong neither fulfilled his compensation obligations toward Jinguang Shares nor disclosed such failure, and instead pledged his shares—causing losses to Jinguang Shares. Consequently, Jinguang Shares initiated litigation against Zhang Hanhong and other shareholders who had signed valuation adjustment agreements. Although shareholders enjoy the right to freely transfer their shares, special shareholders—including controlling shareholders, actual controllers, directors, supervisors, and senior management personnel—possess certain informational advantages regarding corporate operating conditions and share acquisition costs. Accordingly, China’s regulatory authorities have imposed specific restrictions on share transfers by such special shareholders. This article constitutes Part I of 'A Study on Lock-up Periods and Share Reductions for Shares of Listed Companies.' It outlines the general rules applicable to lock-up periods and share reductions for shareholders at the time of an IPO, helping shareholders of listed companies—across different categories—avoid legal risks associated with share reduction. -1- General Rules 1. Lock-up Periods Article 141 of the Company Law stipulates that initiators may not transfer their shares in the company within one year from the date of the company’s establishment; likewise, shareholders may not transfer shares issued prior to the company’s initial public offering (IPO)—hereinafter referred to as “pre-IPO shares”—within one year from the date the company’s shares commence trading on a stock exchange. Directors, supervisors, and senior management personnel may not transfer their shares in the company within one year from the date the company’s shares commence trading on a stock exchange, nor within six months after leaving office. Furthermore, during their term of office, they may not transfer more than 25% of their total shareholding in the company annually. Article 44 of the Securities Law provides that shareholders holding more than 5% of a listed company’s shares—as well as directors, supervisors, and senior management personnel—who buy and then sell (or sell and then buy) the company’s shares—or other securities with equity attributes—within a six-month period must remit any profits derived therefrom to the company. The company’s board of directors shall recover such gains. Exceptions include cases where securities firms hold more than 5% of shares due to unsold residual shares acquired through underwriting, or other circumstances specified by the State Council’s securities regulatory authority. The above provisions constitute the general rules under the Company Law and the Securities Law governing restrictions on shareholder share transfers. On this basis, the China Securities Regulatory Commission (CSRC) has issued the 'Regulations on Management of Shares Held by Directors, Supervisors, and Senior Management Personnel of Listed Companies and Changes Thereof,' while the Shanghai and Shenzhen Stock Exchanges have promulgated the 'Shanghai Stock Exchange Stock Listing Rules' and the 'Shenzhen Stock Exchange Stock Listing Rules,' respectively—along with other normative documents—all of which further reinforce the application of these rules. Additionally, since listing on the New Third Board (NEEQ) does not constitute a public offering of shares, shareholders of NEEQ-listed enterprises are not subject to the aforementioned lock-up period restrictions. 2. Share Calculation Rules The calculation of shares held by a shareholder shall follow these rules: a) A shareholder’s shareholding percentage shall be calculated cumulatively across the company’s Renminbi-denominated ordinary shares (A-shares), Renminbi-denominated special shares (B-shares), and overseas-listed shares (including H-shares), but excluding preferred shares. b) The number and proportion of shares reduced by a shareholder shall be calculated solely based on the number of A-shares reduced.

Sasol Mining EVP Acquires and Sells Shares Following Vesting

Sep 24, 2026

Sasol Ltd's Mining EVP Siyaya Sandile Lawrence sold 2,842 shares after acquiring 3,143 via RSU vesting in September 2026, with prices ranging from $12.13 to $13.27.

Stock Titan

2026-04-02

Sasol Executive Makgala Thabile Listed as Reporting Insider in Form 3

2026-04-07

Sasol moves to retire 2028 debt after holders tender $416.2M

2026-04-07

Sasol Announces Cash Tender Offer for 2028 Notes

2026-04-08

Sasol (SSL) Soars to 2-Year High

2026-04-08

Sasol Ltd. (SSL) Falls 8.4% as Energy Stocks Lose Momentum