South Africa Sees Renewed Oil Ties With Iran Once Sanctions End

South Africa, which imports almost all of its crude-oil needs, said a reopening of the Iranian market would bring renewed ties with a nation that was once its biggest supplier.

“If sanctions are lifted on oil imports, that’s a win-win situation and we would like to benefit from that,” International Relations and Cooperation Minister Maite Nkoana-Mashabane said in Pretoria, the capital.

Africa’s most-industrialized economy halted oil imports from Iran in 2012 after the U.S. and allied countries imposed trade restrictions in retaliation for its nuclear work. The Islamic Republic on Tuesday sealed an accord with world powers to curb its atomic program in return for an end to sanctions.

South Africa switched to Saudi Arabian oil after halting trade with Iran, which had previously supplied about 27 percent of its total imports, according to the U.S. Energy Information Administration. South Africa imported 425,000 barrels a day last year, the EIA said, citing the country’s revenue service.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE