Engen stops Iran crude imports

2012-04-04 07:13

Petronas’ South African unit Engen said it had halted all imports of crude from Iran after deciding the sanctions placed on the Middle Eastern nation were a risk to its security of supply.

“We have been working on diverting our supply since identifying Iran as a risk,” said Engen spokesperson Tania Landsberg today.

Engen, the biggest South African buyer of Iranian crude, is majority-owned by Malaysian national oil company Petronas.

While Landsberg would not comment on when Engen stopped imports, a Petronas source revealed last month that Engen had stopped buying Iranian oil from last month.

South Africa, and many other nations, has come under Western pressure to cut Iranian crude imports as part of sanctions designed to halt Tehran’s suspected pursuit of nuclear weapons.

Last month South African petrochemicals group Sasol said it had found alternative supplies of crude oil to replace product coming from Iran.

Sasol said in January that its oil unit was procuring 12 000 barrels per day, or 20% of the crude required by its Natref refinery, from Iran.

While last month’s customs data is not yet available, South African crude oil imports from Iran leapt in February to $364 million (about R2.8 billion), from zero the preceding month.

The South African Revenue Service said Africa’s biggest economy imported 417 000 tons of Iranian crude in February, a dramatic reversal of a declining trend seen since October, when it imported 467 000 tons.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.