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Iran Keen on Joining S. African Oil Market: Min.

TEHRAN, March 05 (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says Tehran is interested in joining the South African crude oil market.

Speaking following a meeting with visiting South African Energy Minister Tina Joemat-Pettersson in his Tehran office on Saturday, the official said Iran is ready to send crude oil cargoes to South Africa.

He said selling crude oil and petroleum products to South Africa as well as investment of South African companies in Iran were two of the meeting’s highlights.

Zangeneh said S. Korea has signaled willingness to buy crude oil and petroleum products from Iran and invest in gas to liquids (GTL) projects in Iran, adding talking on these two issues will continues.

“Buying crude oil and petroleum products from Iran is one thing that can reach fruition immediately after Pretoria intends to do so as the African country supplies all of its need for oil through imports,” he added.

South Africa needs to import over 100,000 b/d of oil, the official said, adding Pretoria must first indicate the amount it intends to buy from Iran.

On Sunday PetroSA executives met with Managing Director of National Petrochemical Company (NPC) Marziyeh Shahdaei to conduct talks on GTL projects in Iran.

Zangeneh further said Iran is not ready to invest in projects beyond its borders but, “We are prepared to consider purchasing stocks in foreign refineries in order to ensure our long-term exports.”

“Such activities would be pursued by the Iranian private sector with the support of the National Development Fund of Iran,” he added.

Zangeneh said Iran has no trouble marketing its oil and the demand for Iran’s oil exceeds that of its current export capacity.

“However, we are keen on joining the South African oil market.”

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