CAPE TOWN: President Jacob Zuma says South Africa will soon start to import crude oil from Iran. Trade between the two countries plummeted a few years ago after international sanctions against the state. The two countries also signed several trade agreements aimed at boosting economic activity. South Africa used to import one third of its crude oil from Iran before it completely stopped in 2012.
As South Africa engages its off shore gas and oil exploration, Iran’s expertise could come in handy. The country is considering building an oil refinery. With Iran emerging from the dark years of economic isolation, the influx from different countries to make trade deals, is perhaps indicative of the economic potential this Middle Eastern country has.