South Africa Eyes Crude Oil from Iraq

By John Lee.

South Africa’s Strategic Fuel Fund (SFF) wants to import 24 million barrels of oil a year from Iraq to boost its reserves, according to a report from Reuters.

The country has not imported crude oil from Iraq since 2003, when Saddam Hussein was toppled.

In August, South Africa’s largest black-owned petrochemical company, WASSA, confirmed that it had applied for Iraqi crude, but there was no confirmation of an allocation.

Pretoria has said it would resume oil imports from Iran immediately if sanctions were lifted.

(Source: Reuters)

(South Africa image via Shutterstock)

9 Responses to South Africa Eyes Crude Oil from Iraq

  1. Nawar October 18, 2015 at 8:39 am #

    Well that’s quiet challenging for Iraq, not sure if Iraq is ready to deliver 24 million barrel a year, any soon.