Arab Today, arab today sa eyes new oil sources as iran sanctions take hold
Last Updated : GMT 23:49:03
Arab Today, arab today
Arab Today, arab today

SA eyes new oil sources as Iran sanctions take hold

Arab Today, arab today

Arab Today, arab today SA eyes new oil sources as Iran sanctions take hold

Pretoria - AFP

South Africa is looking at alternative sources of crude as tough US sanctions slapped on countries importing oil from Iran are days away from taking effect, a senior government official said on Friday. \"We intend to look especially in Africa, mainly Angola and Nigeria, but of course we are going to continue to import from Saudi Arabia,\" which produces a crude type close to that of Iran, said Nelisiwe Magubane, the director general for energy. South Africa was among seven emerging countries that were granted a six-month exemption against the Iran oil sanctions that come into effect on June 28. Nigeria and Angola are the continent\'s top oil producers. The United States and European Union have tightened sanctions in a bid to force Tehran to abandon its contested nuclear programme, and nations which import crude oil from Iran could run foul of the measures. Under a law approved last year, the United States will penalise foreign financial institutions for transactions with Iran\'s central bank, which handles sales of the country\'s key export. The exemption allows South Africa to continue dealing with Iranian banks for the next six months. \"The exemption period is 180 days and is potentially renewable, provided there has been a significant reduction of the crude oil from Iran during the period of the exemption,\" government spokesman Jimmy Manyi told reporters. South Africa says the sanctions hurt its refineries due to increased costs to enable them to refine different types of crude. Magubane said talks are underway with the EU, which provides insurance on petroleum products during shipping to South Africa. \"There is going to be a meeting in Moscow quite shortly which we believe is going to provide a breakthrough with regards to the sanctions, because we put our case in manner that indicate that sanctions are not going to only impact the South African economy but is also going to impact those of our neighbours.\" Most of southern Africa depends on refined oil from the regional powerhouse. Magubane said she was \"cautiously optimistic\" of a positive outcome from the talks with the EU.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sa eyes new oil sources as iran sanctions take hold Arab Today, arab today sa eyes new oil sources as iran sanctions take hold

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sa eyes new oil sources as iran sanctions take hold Arab Today, arab today sa eyes new oil sources as iran sanctions take hold

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday