Iran Oil Switch May Cost S. Africa 300 Million Rand, Report Says

South African refineries may have to spend as much as 300 million rand ($38 million) on modifications to allow them to use oil from sources other than Iran, Business Report said, citing Nelisiwe Magubane, director general of South Africa’s department of energy.

Iran is South Africa’s biggest supplier of crude oil, accounting for about 29 percent of requirements, the Johannesburg-based newspaper said. South Africa is looking at sourcing alternative supplies from Saudi Arabia, Nigeria, Ghana and Angola, Business Report said, citing Magubane.

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