When South African petrochemical giant Sasol reported its latest earnings, the numbers told a story of resilience in the face of mounting international pressures. But behind the balance sheets and boardroom statements, a more complex web of influence, power, and politics was at play—one that stretches from Johannesburg to Washington, D.C., and even into the shadowy world of Silicon Valley’s billionaire elite.
On August 25, 2025, Sasol’s Chief Financial Officer Walt Bruns revealed a looming challenge: a 30% tariff on South African chemical exports to the United States, imposed by President Donald Trump. The tariff, which took effect this month, threatens to impact approximately $80 million (R1.4 billion) in Sasol’s sales, according to Bruns in an interview with Reuters. “We estimate the impact on our business to be around $80 million, of which we believe we can mitigate at least $20 (R353 million) to $30 million (R529 million),” Bruns explained. The company’s strategy? Some customers are willing to absorb the higher costs, while Sasol plans to reroute some products to Asia, shifting its supply chain to cushion the blow.
Yet, despite the headline-grabbing tariffs, Sasol’s leadership remains publicly unfazed. CEO Simon Baloyi told analysts that the U.S. tariffs do not pose a major threat to the company’s core operations. “We produce what we sell in the U.S. mainly in the U.S.,” Baloyi said, underscoring that only about 10% of Sasol’s South African chemical production is exported to the U.S. The bulk of its American sales are manufactured stateside, insulating the company from the worst of the new duties.
Financially, the company’s latest results paint a picture of recovery and adaptability. For the year ending June 30, 2025, Sasol posted basic earnings per share of R10.60, a sharp turnaround from a loss of R69.94 per share the previous year. The improvement was driven by higher chemicals prices, tighter cost controls, and significantly reduced asset writedowns. Sasol also benefited from a R4.3 billion payout from Transnet, the state-owned logistics firm, following a successful legal claim over years of alleged overcharging for oil transportation. Asset impairments dropped to R20.7 billion, down from a staggering R74.9 billion the year before, with the reductions linked to its Secunda and Sasolburg refinery operations, a Mozambique gas agreement, and an Italian chemicals project.
Despite these gains, Sasol once again skipped dividend payments. Its net debt stands at $3.7 billion (R65 million), still above the $3 billion (R52 million) cap set by its dividend policy. The company’s cautious approach reflects the uncertain global climate—one shaped as much by geopolitics as by market forces.
But what’s fueling those geopolitical headwinds? According to a detailed exposé published by The Root on August 26, 2025, the answer may lie in the nexus of power surrounding former President Donald Trump and his inner circle of billionaire allies. Among the most influential—and controversial—is Peter Thiel, the former PayPal CEO and co-founder of Palantir Technologies. Thiel, whose net worth is estimated at $24 billion by Forbes, is no stranger to South Africa. He spent much of his childhood there, sharing roots—and a libertarian ethos—with another South African transplant, Elon Musk. Both are part of what’s been dubbed the “PayPal Mafia,” a group of tech moguls whose ambitions, as the Guardian noted, seem to blur the lines between democracy and corporate rule.
Thiel’s worldview, shaped during his upbringing in a South African town where, according to journalist Chris McGreal, Adolf Hitler was widely regarded and celebrated, has had a profound impact on his politics. The Root reports that, like many white South Africans—often referred to as Afrikaners—Thiel and Musk were taught that Dutch settlers were the true victims in the nation’s racial struggles, a perspective that colored their later attitudes. Thiel’s skepticism toward democracy is no secret. In a 2009 essay for Cato Unbound, he wrote, “I believe that freedom and democracy are no longer compatible,” critiquing government welfare programs and even questioning women’s voting rights. “The great task for libertarians is to find an escape from politics in all its forms,” Thiel argued, before being drawn back into the political arena by Trump’s rise.
Thiel’s support for Trump has been both vocal and financial. He donated $1.5 million to Trump’s first presidential campaign and has remained a steadfast ally ever since. As The Root points out, Thiel is outspoken against diversity initiatives and backs far-right candidates. His company, Palantir Technologies, has faced allegations of racial discrimination. “We disagree with the allegations made by the Department of Labor. We settled this matter, without any admission of liability, in order to focus on our work. We continue to stand by our employment record and are glad to have resolved this case,” Palantir stated to Reuters.
Palantir, the CIA-backed big data firm co-founded by Thiel, went public in 2020 and quickly became a linchpin in U.S. government data operations. According to the New York Times, Palantir’s software allows agencies such as the Department of Homeland Security and the Internal Revenue Service to share and analyze data on American citizens—effectively giving Thiel a seat at the table of national surveillance and policy. It’s a level of influence that, as The Root observes, could “shake the table” for ordinary Americans.
What does all this have to do with Sasol? The answer lies in the tangled web connecting global business, political power, and the individuals who straddle both worlds. Sasol’s exposure to U.S. tariffs is not merely a matter of economics—it’s also a reflection of shifting alliances and priorities in Washington, where figures like Trump and Thiel wield outsized influence. The tariffs, while officially justified on trade grounds, arrive in a context shaped by the interests of a small but powerful elite, many of whom share roots in South Africa and a vision for a world where technology and capital, not democracy, set the rules.
For Sasol and other African exporters, the challenge is clear: adapt or be sidelined. The company’s efforts to pass costs to customers, reroute products to Asia, and tighten its financial controls are all part of a broader strategy to survive in a world where politics and business are increasingly inseparable. For ordinary South Africans—and Americans—the stakes are just as high. The decisions made in corporate boardrooms and presidential palaces now ripple across continents, shaping everything from the price of chemicals to the future of democracy itself.
As the dust settles on Sasol’s latest earnings and the tariff battle rages on, one thing is certain: the intersection of business, politics, and personal ambition has never been more consequential—or more unpredictable.
