South Africa shopping for alternatives to Iran oil

Iran has not offered South Africa cheaper oil to persuade it to buy more, Peters said, but South Africa will need to find cost-effective alternatives to wean itself off Iran oil.

“Price is certainly a concern for us and looking at the other options we have to consider the price,” she said.

Many refineries in the country, including the privately-held Engen refinery, are designed to treat Iranian crude and adjusting them to handle others would be costly.

“We are worried about Engen that’s why we are engaging in talks with the owners and everybody else,” she said, adding that Venezuela could offer a viable alternative to Iranian crude.

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