• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

PetroSA applies for Nigerian oil

Jun 07 2012 07:52 Sapa

Related Articles

SA looking to Nigeria for oil

Govt 'confident' of avoiding US sanctions

SA pressured to cease Iran oil imports

Engen buying crude from Saudi

SA faces Iran oil sanctions deadline

India replaces China as Iran’s top oil buyer

 

Johannesburg - PetroSA has made an application to the Nigerian National Petroleum Company (NNPC) for a commercial crude oil allocation, it said on Wednesday.

"We have not yet received any response from the NNPC," spokesperson Thabo Mabaso said.

Earlier, the Democratic Alliance said PetroSA's attempts to secure alternative crude oil supply from Nigeria had been unsuccessful.

"The NNPC is of the view that PetroSA's application should be a 'government to government application', rather than a commercial one," DA energy spokesperson Jacques Smalle said in a statement.

"We currently import 25% of our crude oil from Iran. Sanctions against Iran have put South Africa under immense pressure to secure (an) alternative sweet crude oil supply by the end of June."

Smalle said the refineries in the country were ill-equipped to process heavy-sulphur crude from Saudi Arabia and other oil-producing nations, and that finding alternative suppliers was difficult.

"If the application for Nigerian crude is not submitted this week, South Africa's chances of securing a contract will become increasingly slim," he said.

"If South Africa fails to secure the Nigerian crude contracts, we face the prospect of becoming reliant on crude oil supply bought at much higher spot prices. This will likely increase local petrol prices."

Smalle said the NNPC would award its oil futures contracts on June 15 and that the country's application should be corrected and, with the necessary governmental intervention, secured before the end of this week.

The energy department's spokesperson could not be reached for comment.

 
nnpc  |  petrosa  |  iran  |  oil stocks

 
 
 

Read Fin24’s Comments Policy

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
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...