Iran expected to sign oil MoU with South Africa
Tehran, Iran, April 23
By Mehdi Sepahvand - Trend:
Iran and South Africa are expected sign a memorandum of understanding on oil and energy in the near future, Iranian Oil Minister Bijan Namdar Zanganeh said.
Speaking after a meeting with South African Minister of Energy Tina Joemat-Pettersson, Zanganeh said the sides had talks about the price of oil that Iran would possibly export to South Africa, SHANA news agency reported April 23.
Iran was South Africa's big oil partner, providing 40 percent of the African country's oil, before sanctions crippled the exports.
The minister said Tehran and Pretoria are also going to sign a deal on technological cooperation in GTL.
South Africa has also invited Iran to invest in building a refinery in the African country, while in the meantime Tehran invited Pretoria to invest in Iran's petrochemical sector, the minister said.
Iran's oil export dropped to 1 mbpd under sanctions, but now as sanctions are lifted it is heading back to 2.3 mbpd.