Our value-based strategy

In developing our strategy, we considered both opportunities and risks, informed by developments in the world which we operate. What is clear is global trends will continue to drive increased demand in the markets we serve. Our refined long-term strategy is responsive to these trends to ensure we stay competitive and relevant. Our strategy keeps us focused, setting a clear path to deliver sustainable growth, accelerated shareholder returns and ongoing value for all our stakeholders over the near, medium and long term.

Our strategy


  • Deliver value by optimising and leveraging existing chemicals assets
  • Focusing on growth in high-value specialty chemicals in differentiated markets


  • Explore, develop and produce gas in Southern Africa to its full potential, together with our partners
  • Secure coal and gas feedstock to 2050+
  • Progressively grow a risk balanced upstream portfolio in Mozambique and West Africa


  • Deliver quality growth in Southern Africa by increasing margin in liquid fuels marketing
  • Maximising value of Southern Africa gas value chain
  • Selective gas-to-power opportunities


  • Leverage competitive advantage for long-term sustainability
  • Pursuing world class operations
  • Continuously improving value chain performance
  • Delivering on focused programmes to respond to a changing environmental and clean fuels landscape
  • Driving incremental value growth enabled by Digital

  • Driving improved cash flow generation through the cycle
  • Ensuring a balanced approach to shareholder returns
  • Securing optimal capital structure that enables growth and allows flexibility to mitigate financial risks


Zero harm
at all our operations globally

Aspirational culture
ensuring engagement and growth of all our employees

>12% through the cycle >2% uplift by 2022

EBIT growth (US$ real)
CAGR through the cycle

Dividend returns stepping up payout to 45% of Core HEPS (2,2x cover)

Details of the top the key performance indicators that we measure and on which annual executive remuneration is determined are on page 87.

near term
  • Pursue zero harm and drive safe and sustainable operations
  • Strengthen stakeholder relationships and deliver sustainable value to society
  • Progress organisational culture shift
  • Deliver the LCCP within cost and schedule and ensure successful ramp-up
  • Progress options and actions to secure gas feedstock in Mozambique
  • Actively manage the balance sheet and fi nancial risk metrics
  • Continue with asset review process to enhance quality of portfolio
  • Differentiate products towards higher-yielding markets
  • Grow retail fuels incrementally
  • Advance our work on the integrated environmental roadmap
  • Progress our digitalisation efforts
Medium term
  • Reinforce our pursuit of zero harm
  • Fully embed our aspirational culture
  • Make meaningful socio-economic impact
  • Extract full value of existing platforms
  • Grow inorganically in specialty chemicals; exploration and production
  • Increase cash returns to shareholders
  • Pursue value-accretive retail acquisitions
  • Pursue opportunities to secure gas feedstock
  • Active management of asset portfolio to achieve growth targets
  • Focused investments to reduce our environmental impact
  • Implement appropriate climate change mitigation response
Long term
  • Extract further value from existing assets
  • Accelerate exploration and production growth
  • Grow in adjacent specialty chemicals markets
  • Build on our socio-economic contribution
  • Focused investments to reduce our environmental impact
  • Continue with capacity optimisation across asset portfolio


Enhancing our foundation businesses to be fit-for-the-future

Sharpening our approach to disciplined capital allocation creating social value for all our stakeholders

Strengthening our position as a credible stakeholder partner making clear choices to inform a focused value-based growth strategy, leveraging our strengths

Positioning ourselves to deliver superior returns benefiting shareholders and stakeholders