South Africa Trying To Find Alternatives To Iran Oil

14 March 2012 16:00 - Victoria Wedderburn

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South Africa Trying To Find Alternatives To Iran Oil

The South African Government means to seek out alternatives to Iranian oil as the west tightens sanctions against the Islamic republic. Africa’s largest economy relies on Iran for about 29% of its oil imports. South Africa’s oil consumption is estimates to be slightly over 550,000 barrels per day, of which it is estimated that 370,000 barrels per day are imported. About a quarter of South Africa’s oil imports come from Saudi Arabia and other suppliers include Nigeria and Angola.

America and Europe have imposed sanctions on Tehran’s crude exports admin worries that Iran is attempting to develop a nuclear weapon. Tehran has insisted that its nuclear programme is for peaceful civilian use only.  The sanctions are expected to come into effect on July 1st and have increased tensions in the oil markets, driving up prices.

South Africa’s energy minister, Elizabeth Dipuo Peters said, “I would be lying if I said that the United States is putting pressure on us to cut Iran imports...but we are considering different avenues now.”Ms Dipuo Peters, who recently visited Tehran to discuss the plans said, “We have given ourselves till the end of May to come up with alternatives and we are engaging in talks with everyone, including Iran.”

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