Fin24

SA steers clear of Iranian oil

2012-10-31 14:20

Johannesburg - South Africa suspended all imports of crude oil from Iran for a fourth month in September, data showed on Wednesday, as Pretoria  continued to steer away from Iranian shipments because of European insurance sanctions.

In May, imports from Iran stood at 285,524 tonnes, but since June Africa’s biggest economy has replaced shipments from Iran with crude from other suppliers, especially Saudi Arabia.

South Africa used to import a quarter of its crude from Iran but has come under Western pressure to cut the shipments as part of sanctions designed to halt Tehran’s suspected pursuit of nuclear weapons.

The major supplier in September was Saudi Arabia, with shipments from the Middle East country at 759,643 tonnes. Other crude imports originated in Angola, Nigeria and the United Arab Emirates, with shipments totalling 1.76 million tonnes.

Even though the United States granted South Africa an exemption from financial sanctions after cuts in Iranian imports, Pretoria is still facing problems because of European Union sanctions preventing insurance companies from underwriting Iranian shipments.

The EU has not granted any waivers, even though South Africa has been lobbying Brussels because of the impact on its fuel supplies.

Some South African refineries are designed to treat Iranian-type crude only, and refiners and the government have said the country will be hard-pressed to replace those supplies with other products indefinitely.

Any disruption to crude imports could hit fuel supplies in South Africa, which has suffered shortages in the last year because of strikes and refinery problems.

Refiners in South Africa include Shell, BP, Total, Chevron, petrochemicals group Sasol [JSE:SOL], and Engen, which is majority-owned by Malaysian state oil group Petronas.


Comments
  • frank.vankaapstad - 2012-10-31 14:54

    This is good news for a change! I bet it is grating JZ and Co though, they love cozying up to tyrants like Mugabe and Mswati. All cut from the same cloth...

      khathutshelo.muafrica - 2012-10-31 15:23

      What is good about being told where 2 buy your oil by foreign governments who at 1 point supported our oppression for centuries

      Shaun Daly - 2012-10-31 15:42

      Those same countries imposed the sanctions that crippled the Apartheid government and forced it to allow the elections. Also the same countries who provide billions in aide to SA and the rest of Africa. So yeah, listening to them over a fascist megalomaniac is probably a good idea.

      JamesMWood - 2012-10-31 18:28

      @shaun, I challenge you so show me a country that is better off thanks to the yanks and pommies poking their nose in, just one. And see how many people in that country you're planning on mentioning actually agree wih that

      Oraniaboer - 2012-10-31 19:11

      Its not about other countries telling you where to buy oil it is about insurance guys.

  • richard.bosmano - 2012-10-31 15:03

    Inflation starting to bite in iran now.Good stuff

  • johan.jacobs.5680 - 2012-10-31 15:20

    Pistol to head decission

  • khathutshelo.muafrica - 2012-10-31 15:28

    Can SA try 2 copy wt mugabe is doing,no 1 tells him wt 2 do or do we enjoy being the pupets of evil emperialists..zimbabwe is the only totaly liberated country in the whole of black africa

      Shaun Daly - 2012-10-31 15:36

      I guess you're not a fan of eating, working, having a (relatively) prosperous government or freedom of speech.

      dragonfire47 - 2012-10-31 15:39

      You said it, zim has even liberated the masses from having food on there table, good hey, chop

      peter.vanzyl.948 - 2012-10-31 17:08

      You cant count yourself as a Puppet - any true "imperialist Puppet" would firstly know how to spell and also how to express himself in English. So you just hang in there you "liberated" Zimbo!!

  • Eterni80 - 2012-10-31 15:32

    and yet we still help Mugarbage...

  • bongohead.sipho - 2012-10-31 15:46

    Why must we be bullied by the USA. Is it because there is a fellow darkie in the former white house, now called the darkie house.???????

      Shaun Daly - 2012-10-31 16:29

      You obviously don't know what the word bully means and your joke sucks.

  • dhavandran.palavar - 2012-10-31 15:50

    the masses who relay on public transport, food prices ,etc suffer while " "Iran shrugs off EU oil embargo". this is what you get for being a bitch to the west.

  • JamesMWood - 2012-10-31 18:23

    What right does the USA have telling other countries they can't have nuclear capabilities when they have the largest stock pile out. South Africa is the only country to have voluntarily gotten rid of and decommisioned its nuclear arsenal. Why do countries feel the need to have them, compensating for a lack of something else maybe?

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