Please enter your login details

You can also sign in with your Sowetan LIVE
and Sport LIVE account details.
   Sign Up   Forgot password?

Sign in with:

 
  • All Share : 40998.58
    UNCHANGED0.00%
    Top 40 : 3361.59
    UNCHANGED0.00%
    Financial 15 : 11703.85
    UNCHANGED0.00%
    Industrial 25 : 46637.62
    UNCHANGED0.00%

  • ZAR/USD : 9.5763
    UP 0.07%
    ZAR/GBP : 14.4987
    UP 0.23%
    ZAR/EUR : 12.3835
    UP 0.04%
    ZAR/JPY : 0.0945
    DOWN -0.06%
    ZAR/AUD : 9.2646
    UP 0.22%

  • Gold : 1386.6000
    UP 0.03%
    Platinum : 1452.5000
    UP 0.31%
    Silver : 22.4000
    UP 0.16%
    Palladium : 727.0000
    UP 0.55%
    Brent Crude Oil : 102.640
    UNCHANGED0.00%

  • All data is delayed by 15 min. Data supplied by I-Net Bridge
    Hover cursor over this ticker to pause.

Sat May 25 18:29:28 SAST 2013

SA weans itself off Iran crude

Reuters | 01 June, 2012 00:16
Oil tanker. File photo
Image by: TIM CHONG / REUTERS

South Africa's crude oil imports from Iran fell 43% to 286072 tons in April from the previous month, data showed yesterday, indicating it could be cutting shipments to avoid looming US sanctions.

South Africa has come under Western pressure to cut Iranian crude imports as part of sanctions designed to halt Teheran's suspected pursuit of nuclear weapons.

The South African Revenue Service said the value of crude imports from Iran fell to R1.798-billion in April from R3.37-billion the previous month.

Until late last year, Iran was South Africa's biggest crude supplier, accounting for a quarter of its oil imports.

Iranian shipments declined between October and January, when they reached zero, but began rising again in February.

South Africa imported a total of 1.2million tons of crude oil in April, SARS data showed. Imports from Saudi Arabia nearly doubled to 671419 tons from 355550 in March, with the remaining 258184 tons coming from Nigeria.

An energy ministry official said this month South Africa was holding almost daily talks with the United States, European Union and Iran about reducing its purchases and was "confident" a deal could be struck to avert US sanctions.

Gwede Mantashe, secretary-general of the ANC, said last week that South Africa had no choice but to comply with Washington's wishes because it could take a heavy hit if it did not comply.

"We will do it because we are a small economy, so I'm sure we'll cut back," Mantashe said.

"But we don't think the political principles are correct and applied consistently."

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

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.