Beyond Sasol’s unique technology and engineering expertise,  the success of our growth strategy is predicated  on strong partnerships. I believe that our strategy and technology  position, along with our profi tability and  strong balance sheet, places us in an ideal  position to capitalise on this signifi cant  change in the relative value of energy.  of supplying half our electricity needs  in South Africa from our own resources  by 2012, and we have plans to take  this further.  Sasol New Energy, alongside Sasol  Technology and in cooperation with a  number of external partners, has made  good progress in pursuing options in all  these areas. This business unit will enable  us to achieve three complementary goals:  extending the life of our existing carbon  resources; reducing Sasol’s GHG footprint;  and ensuring Sasol’s long-term growth by  commercialising exciting new energy  technologies. In the financial year, we made good  progress executing our sustainable growth  strategy. Sasol Synfuels International (SSI),  off the back of a strong operational  performance by Oryx GTL, recorded its  first operating profit despite an increase  in costs associated with the development  of other new projects. Oryx GTL has  demonstrated the viability of our GTL  technology and our ability, alongside our  partner, Qatar Petroleum, to successfully  commercialise complex technologies. Pre-feasibility work on Project Mafutha,  our proposed new coal-to-liquids (CTL)  facility in South Africa, continues.  The feasibility phase of the project,  however, can commence only once work  has been completed on a number  of key matters. Sasol’s capital investment demonstrates  our commitment and ability to executing  our growth strategy. Over the last fi ve  years, through the highs and lows of  the energy and chemical cycles, Sasol  increased capital expenditure from  R12,6 billion in 2005 to R16,1 billion in  2010. Last year, we indicated that we  would reprioritise our capital spend to  ensure that our need to conserve cash  would not affect long-term growth.  In 2010, we carried out this intention with  investment (including pre-investment  expenditure) in growth projects of  R6,6 billion being maintained. This has  secured a strong pipeline of growth  projects while maintaining our ungeared  position. It would be disingenuous to portray the  challenges of environmental sustainability  as an opportunity only. Society expects of  us, wherever possible, to ensure that we  conduct our business in an environmentally  sustainable way. In Sasol’s case, a large  part of this obligation is to reduce our  GHG emissions and failure to do so will  impact negatively on our licence to  operate. We have set tough targets for the  reduction of GHG emissions by 2020 and  2030. Our progress on meeting these  targets is reported elsewhere in this report  as well as in our separate sustainable  development report.  Sasol’s unique technology and expertise  ensures a strong platform for growth in  liquid fuels and selected chemicals  markets. During the year, we announced  an investment of R8,4 billion in new hard  wax production capacity at our Sasolburg  facility in South Africa. The demand for  hard wax is growing rapidly and Sasol’s  unique technology has placed the  company in an ideal position to seize  this market opportunity. Sasol made further progress on its  polymer growth strategy with the  ramp-up of production at Arya Sasol  Polymer Company. The plant achieved  an average capacity utilisation of 70%  in the second half of the year.  Over the past four years, Sasol Petroleum  International (SPI) has steadily expanded  its exploration portfolio. Today we have  exploration equity interests in seven  countries while maintaining our upstream  production in Mozambique and Gabon.  Our success in developing gas resources in  Mozambique has created an opportunity  for Sasol to increase electricity generation  from cleaner natural gas instead of from  coal. We have set ourselves a goal  Sasol’s successful track record of  commercialising unique technologies has  positioned the company well to exploit  the opportunities arising from low-carbon  energy alternatives. As I have stated  before, the twin challenges of promoting  economic development and  simultaneously reducing greenhouse gas  (GHG) emissions can only be met through  innovation. A suite of technology  solutions, ranging from those that drive  greater energy efficiency and make  available renewable sources of energy,  through to carbon capture and storage,  will be needed to meet these critical  challenges. Beyond Sasol’s unique technology  and engineering expertise, the success  of our growth strategy is predicated  on strong partnerships. During the year,  we continued to see the value of  the relationships we have built over many  years. I would like to thank our partners  with whom we are advancing new energy  technologies, securing upstream resources  and developing new chemical and fuel  projects, for their continued support.  Building strong relationships with existing  and future partners is guided by a strong  commitment to our values. Our focus on  organisational culture over recent years  has provided a strong basis for these  relationships. Management has continued to interact  with the Sasol board to continuously  Ensuring sound governance 28