An Iranian deputy petroleum minister said on Saturday that South Africa has indicated its interest to buy oil from Iran in the post-sanctions era.
Mansour Moazzami, following a meeting with South African Deputy Energy Minister Thembisile Majola in Tehran, said the African country has also pledged to form partnerships with Iran in other energy areas such as refining, petrochemical and LNG industries as well as boosting technology exchange with Iran.
Iran places a high priority for trade interactions with Pretoria, he said, adding the African country enjoys vast potentialities in different areas, "but unfortunately in the past years, the circumstances have not been favorable for activating the potentialities [for Iran]."
He highlighted the rich background of petrochemical cooperation between Iran and South Africa, expressing hope that the two countries will redeem their joint activities in various sectors of the oil, gas and petrochemical industries.
Before the imposition of vast energy embargoes on Iran in 2011, S. Africa's Sasol participated in a $900-million polymer joint venture with the Iranian state-owned petrochemical company, Pars Petrochemical Company, which produces ethylene as well as high and low density polyethylene.
The joint venture was known as the Arya Sasol Polymer Company. Iran and South Africa equally invested 1.35 billion euros in the project.