SA hopes to resume Iran oil imports within 3 months

2014-09-09 15:38

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South Africa is planning to resume oil imports from Iran, once its biggest supplier of crude, and hopes to resolve “sanction issues” that have blocked purchases within the next three months.

South Africa halted crude purchases from Iran in June 2012 because of Western pressure. South Africa bought about 68 000 barrels of oil a day from Iran in the month before exports halted – about a quarter of its crude oil needs.

Today’s announcement by Deputy Foreign Minister Nomaindiya Mfeketo came after more than a day of talks in Pretoria with her Iranian counterpart.

World powers have imposed sanctions on Iran over its nuclear programme, blocking more than $100 billion of much-needed oil revenue held abroad from flowing back to the producer.

Trade sanctions have also prevented Iran from exporting to some countries, even though it sits on the world’s largest gas reserves, according to statistics compiled by BP.

Iran’s exports to its top four oil buyers – China, India, Japan and South Korea – rose to 1.2 million barrels per day in the first half of 2014, versus 961 236 barrels per day in the same period a year ago, according to official customs data and tanker arrival schedules.

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