http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.15Change: -0.05
R/$ = 11.65Change: -0.10
Au 1283.66 $/ozChange: 10.51
Pt 1240.50 $/ozChange: 12.30
 
 
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
The retail price of 95-grade petrol in South Africa will drop by 93c/ℓ or 8.3% from next Wednesday, while wholesale diesel price will decrease by 9.9%, the government said on Friday. Petrol will now cost R10.31 (nearly $1) a litre while the new wholesale diesel price...
South African generator set (genset) designer and manufacturer Diesel Electric Services (DES), has contracted a permanent, high-pressure gas connection that would allow it to test natural gas-powered engines with greater flexibility. The connection would give DES...
Commenting in his capacity as chairperson of the Presidential Infrastructure Championing Initiative (PICI), President Jacob Zuma this week provided an update on the progress of several cross-border and regional infastructure projects championed by the heads-of-State...
More
 
 
Latest News
SAA acting CEO Nico Bezuidenhout, Finance Minister Nhlanhla Nene and SAA chairperson Dudu Myeni
Finance Minister Nhlanhla Nene has assured that loss-making national carrier South African Airlines (SAA) will not receive another bailout from government, noting that the most recent R6.4-billion government guarantee had only been provided in support of an intensive...
South Africa's cumulative trade deficit was R95.3-billion in 2014, the South African Revenue Service (Sars) said on Friday. In 2013, it was R71.4-billion, Sars said in a statement.
Certain regulatory approvals remain outstanding in Telkom’s proposed R2.67-billion takeover of JSE-listed Business Connexion (BCX), the parties said in an update to shareholders on Friday. BCX noted in the statement that the Competition Authority of Botswana had...
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
The international Square Kilometre Array (SKA) radio telescope – which is to be jointly hosted by South Africa and Australia with, later, outstations in other countries – may not yet exist, but international scientific working groups are already deciding what...
A free Web-based solar power plant capacity-planning tool offers project planners and developers, as well as governments, a means to assess the solar energy potential of thin-film solar PV power over an area of land. The tool was developed by thin-film solar...
As yet, no specific methodology, timeline or costs have been finalised to remedy the water ingress, excessive to contractual specifications, into the Gautrain tunnel between emergency shaft two (E2) and Park Station, says Bombela Concession Company technical and...
ASTRAPAK The group highlighted that executive strategic interventions and other group-wide business improvement imperatives were progressing favourably
The “seriously disruptive” electricity outages in South Africa have cost packaging group Astrapak more than R2-million in “irrecoverable downtime costs”, the company said on Monday, adding that the power cuts were negating some of the benefit of energy saving...
Bakkies and more affordable cars dominated South Africa’s new vehicle market in 2014. Unaudited data from the Department of Trade and Industry (DTI) shows that South Africa’s most popular vehicle in 2014 was the Toyota Hilux, selling 37 562 units.
 
 
 
 
 
 
 
 
 
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