http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 12.94Change: 0.06
R/$ = 11.54Change: -0.10
Au 1209.65 $/ozChange: 0.30
Pt 1175.50 $/ozChange: -2.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
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 Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Jul 10, 2012

SA in talks to get Iran to insure oil cargoes

Back
Brussels|Johannesburg|Tehran|Africa|Nuclear|Reuters|Africa|Europe|India|Islamic Republic Of Iran|Japan|Nigeria|Saudi Arabia|South Africa|United States|Crude Oil Cargoes|Crude Producer|Energy|Insurance Curbs|Insurance Firms|Nuclear|Personal Injury|Environmental|Dipuo Peters|Ebrahim Ebrahim
|Africa|Nuclear||Africa|||Energy|Nuclear||Environmental|
brussels|johannesburg|tehran|africa-company|nuclear-company|reuters|africa|europe|india|islamic-republic-of-iran|japan|nigeria|saudi-arabia|south-africa|united-states|crude-oil-cargoes|crude-producer|energy|insurance-curbs|insurance-firms|nuclear-industry-term|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
OFF-SHORE GAS The CCCI is encouraging industrial clients to incorporate liquid natural gas infrastructure for industrial-scale power generation in the Western Cape
Updated 7 hours ago Industrial forum the Cape Chamber of Commerce and Industry (CCCI) is working closely with provincial and city representatives to incorporate liquid natural gas (LNG) infrastructure for industrial-scale power generation in the Western Cape.
Clough CEO Kevin Gallagher
Engineering and construction group Murray & Roberts (M&R) has signalled its intention to accelerate the internationalisation of its Australia-based oil and gas unit, Clough – a strategy underpinned by a dramatic tapering off of greenfield liquefied natural gas (LNG)...
Against a backdrop of falling oil prices, companies in the oil and gas industry are increasingly considering reducing their exploration activity and finding ways to cut costs, including through large-scale retrenchments. Advisory firm PwC Africa Oil and Gas leader...
More
 
 
Latest News
Updated 5 minutes ago More than a century following the invention of the automobile, the horseless carriage continues to evolve. Following an array of developments over the years, such as power steering, run-flat tyres, turbo engines, windscreen wipers, air conditioning, radio and music...
Steel producer Aquila Resources on Thursday instituted legal proceedings against the South African government in the Pretoria High Court to resolve an alleged overlapping prospecting right over its Avontuur manganese project, in the Northern Cape. The company said in...
More
 
 
Recent Research Reports
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 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 network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
 
 
 
 
 
This Week's Magazine
Updated 7 hours ago National flag carrier South African Airways (SAA) is in an advanced stage of renegotiating its deal with European airliner manufacturer Airbus to acquire A320 single-aisle (or narrow body) aircraft. The aim is to replace ten of the aircraft still on order with five...
Updated 7 hours ago Worldwide, the main thrust in the ports industry over the past decade or more has been to increase efficiency. Traditionally, ports have been run by engineers and mariners and, in the past, increasing a port’s capacity was achieved by expanding the harbour. “That has...
Updated 7 hours ago What do you do when an elephant has a toothache? You call Dr Gerhard Steenkamp from the University of Pretoria’s (UP’s) faculty of veterinary science, Onderstepoort, one of only two elephant ‘dentists’ in the world.
Updated 7 hours ago The 2015 Sanlam/Business Partners Entrepreneur of the Year (EOY) competition was launched earlier this month in Johannesburg, with the main focus on creating and inspiring entrepreneurs to create jobs and boost the economy.
Updated 7 hours ago In a recent letter to the editor that I sent to Engineering News (Concerns regarding South African portion of Square Kilometre Array) and in a follow-up article elaborating further (We must start preparations to build our own synchrotron light source), I stated my...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
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
 
 
Close
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