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UPDATE 1-S.Africa cuts all Iran crude imports in July

31 August 2012 By admin

(Adds details, background)

JOHANNESBURG Aug 31 (Reuters) – South Africa imported no
crude oil from Iran in July, customs data showed on Friday, a
sign Pretoria is avoiding Iranian shipments until it can be
certain to avoid European 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.

Imports of crude from Saudi Arabia stood at 966,607 tonnes,
slightly lower than the 1.17 million tonnes recorded the
previous month, with other supplies coming from Nigeria, Angola,
United Arab Emirates, Israel and France. Total imports stood at
2.1 million tonnes.

Even though the United States granted South Africa an
exemption from financial sanctions after cuts in Iranian imports
in recent months, Pretoria was still facing problems because of
sanctions from the European Union, which does not provide any
waivers.

Following talks with the European Union earlier this month,
Foreign Minister Maite Nkoana-Mashabane said South Africa would
send a delegation to Europe to explain the impact possible
sanctions would have on fuel supplies in the country and the
region and explore alternative solutions.

Energy Minister Dipuo Peters has said that South Africa was
also talking to Tehran about the prospect for Iran to insure its
crude oil cargoes, which can no longer be underwritten by
European insurance firms due to sanctions.

It is to be seen whether South Africa will continue to keep
imports from Iran at zero. The country already cut all shipments
from that country in January this year but resumed them again
the following month.
  Continued…





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Filed Under: South Africa Tagged With: news, reuters, south africa

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The one with a "My Complex" - incurable but fun. Grumpy, Cynical, Wise and Idiotic. I can also be found HERE.

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