Share

SA ups oil from Iran despite US pressure

Johannesburg - South African crude oil imports from Iran rose to R3.37bn in March from R2.8bn the previous month, customs data showed on Monday, indicating Pretoria had not bowed to US pressure to curb commercial links with Tehran.

The SA Revenue Service said Africa's biggest economy imported 505 908 tonnes of Iranian crude in March, up from 417 188 tonnes the previous month.

South Africa has come under Western pressure to cut Iranian crude imports as part of sanctions designed to halt Tehran's suspected pursuit of nuclear weapons, but the response from diplomatically non-aligned Pretoria has been unclear.

South Africa could take an economic hit if it does not comply. Its Iranian crude imports declined between October and January, when they reached zero, but began rising again in February.

Neither the foreign ministry nor the department of energy were willing to comment.

It is also not clear who bought the crude after almost all South African refiners said in recent months that they had already found alternative suppliers.

Senior energy and foreign ministry officials contradicted each other in March as to the status of Iranian imports. Until late last year, Iran was typically South Africa's biggest crude supplier, accounting for a quarter of its oil imports.

According to the March data, crude imports totalled 1.6 million tonnes, with Nigeria supplying 38%, Iran 32%, Saudi Arabia 22% and Angola the rest.

The biggest South African buyer of Iranian crude used to be Engen, which is majority-owned by Malaysian state oil group Petronas, but the group said in April it had halted all imports of Iranian oil.

Petrochemicals group Sasol [JSE:SOL], which took 12 000 barrels of Iranian oil a day, also said it had found new suppliers but has not named them.

Other refiners in South Africa include BP, Shell, Total and Chevron. BP and Chevron said in February they were not sourcing any Iranian crude.

Some South African refineries are designed to treat Iranian-type crude only, and refiners would be hard-pressed to replace those supplies with other products.

Any disruption in crude imports could hit fuel supplies in South Africa, which have already been volatile because of strikes and refinery problems.

 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.80
+1.1%
Rand - Pound
23.50
+1.3%
Rand - Euro
20.11
+1.4%
Rand - Aus dollar
12.29
+0.9%
Rand - Yen
0.12
+2.5%
Platinum
923.70
-0.2%
Palladium
960.00
-3.1%
Gold
2,339.33
+0.3%
Silver
27.21
-0.8%
Brent Crude
89.01
+1.1%
Top 40
69,358
+1.3%
All Share
75,371
+1.4%
Resource 10
62,363
+0.4%
Industrial 25
103,903
+1.3%
Financial 15
16,161
+2.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders