R/€ = 15.00Change: 0.11
R/$ = 13.30Change: 0.10
Au 1144.16 $/ozChange: 0.01
Pt 954.00 $/ozChange: 1.00
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?

And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters About Us
RSS Feed
Article   Comments   Other News   Research   Magazine  
Jul 10, 2012

SA in talks to get Iran to insure oil cargoes

Brussels|Johannesburg|Tehran|Africa|India|Nuclear|Reuters|Africa|Europe|Islamic Republic Of Iran|Japan|Nigeria|Saudi Arabia|South Africa|United States|Crude Oil Cargoes|Crude Producer|Energy|Insurance Curbs|Insurance Firms|Personal Injury|Environmental|Dipuo Peters|Ebrahim Ebrahim

South Africa is talking to Tehran about the prospect for Iran to insure its crude oil cargoes, which can no longer be underwritten by European insurance firms due to sanctions, Energy Minister Dipuo Peters said on Tuesday.

Peters said Deputy Foreign Minister Ebrahim Ebrahim had met his Iranian counterpart two weeks ago to discuss ways of getting around the European clamp-down on insurance and reinsurance, part of Western sanctions to halt Tehran's disputed nuclear programme.

"They were discussing these sorts of issues," she told Reuters on the sidelines of a conference in Johannesburg.

A spokesman for South Africa's foreign ministry declined to provide further details.

Iran used to be South Africa's main source of crude, accounting for 30% of its imports, although Africa's biggest economy has halved its average monthly shipments from Iran this year to 280 000 t because of US diplomatic pressure.

South Africa has offset the cuts by increasing imports from Saudi Arabia and Nigeria, Africa's top crude producer, but faces the prospect of no imports from Iran from July 1, when the European insurance curbs came into effect.

Around 90% of the world's tanker fleet is covered by Western protection and indemnity (P&I) clubs, which insure against personal injury and environmental clean-up claims.

Brussels has made clear it will not be offering unilateral exceptions to the sanctions - as the US has - but diplomats say Europe does not object to third-party states striking their own deals with Tehran to secure energy supplies.

"South Africa has a legitimate dependency issue," a senior Western diplomat told Reuters this week. "We want them to get off that, but in the meantime why not ask Tehran to pay for insurance? They are in a very good position to negotiate."

Faced with the same problem, Japan has provided sovereign guarantees for Iranian crude shipments, while India is allowing state refiners to import Iranian oil, but with Tehran arranging shipping and insurance from July 1.

Edited by: Reuters
Comment Guidelines (150 word limit)
Other Energy News
Updated 5 hours ago Water is a crucial driver of the economy in South Africa and with its being on the verge of demand exceeding supply globally, the World Economic Forum has ranked water third in the most concerning global risks.
Updated 5 hours ago South Africa-based combustion company The Combustion Group (TCG) has been appointed by global energy solutions company Caterpillar’s gas turbine businesses Turbomach and Solar Turbines Incorporated as its South African representative that will market its products in...
In a move welcomed by Energy Minister Tina Joemat-Pettersson, former Human Settlements director-general Thabane Zulu has been appointed DG of the Department of Energy (DoE). He replaces acting DG Dr Wolsey Barnard.
Latest News
The contraction in the metals and engineering sector is worsening, the Steel and Engineering Industries Federation of Southern Africa (Seifsa) warned on Thursday. Speaking after the release of production numbers by Statistics South Africa, Seifsa chief economist Henk...
Local innovation will undoubtedly provide solutions to many of the challenges faced by Africa, as it sets the tone for progress and enables businesses to gain a competitive advantage, create additional jobs and change peoples’ lives. Speaking as part of a panellist...
Zambia and Zimbabwe drew more water than they should have from the Kariba dam to generate electricity, draining the reservoir to 29% of its capacity in September, compared with 70% capacity last year, an engineering body said on Thursday. The Zambezi River Authority...
Recent Research Reports
Liquid Fuels 2015: A review of South Africa's liquid fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and...
Road and Rail 2015: A review of South Africa's road and rail sectors (PDF Report)
Creamer Media’s Road and Rail 2015 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail infrastructure and network, the funding and maintenance of these respective networks, and...
Defence 2015: A review of South Africa's defence sector (PDF Report)
Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the...
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
This Week's Magazine
BUSINESS LEADERS PANEL Adam Craker, Ivor Chipkin, Alan Hosking and Allon Raiz at the 6th IQ Business Active Growth conference
Updated 4 hours ago At the sixth IQ Business conference held in Sandton last month, a panel of business leaders and academics advocated that business reclaims the initiative to spur growth in South Africa amid fragmented and haphazard political direction. Management consulting firm IQ...
Updated 4 hours ago The building industry is an essential component of the South African economy as it contributes about 15% to the gross fixed investment that drives the economy. However, with the country’s economy going through a tough time currently, this, in turn, reflects on the...
Updated 4 hours ago The recipients of the 2015 South African National Energy Association (Sanea)/South African National Energy Development Institute Energy (Sanedi) Awards were announced at a ceremony and banquet in Sandton last month. Sanea chairperson Brian Statham named Exxaro CEO...
ASHER BOHBOT EOH’s corporate goals were originally aspirations, but the company is relevant and is making a difference in the territories it operates in
Updated 4 hours ago As South African information technology (IT) firm EOH posted another full year of strong growth, CEO Asher Bohbot, known for his frank words, people-centric management style and stoic humanism, attributed the company’s continued South African and African growth to...
Updated 4 hours ago International heavy-equipment engine manufacturer Cummins’ regional distribution centre (RDC) in Woodmead, Gauteng, has halved the average logistics distribution time for clients in Southern Africa and allowed for critical or long-lead stock to be kept closer to...
Alert Close
Embed Code Close
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96