South Africa has not hesitated to position itself to cash in on the opportunities in oil-rich Iran, after the United Nations lifted sanctions it had imposed on the country.
Recently, the country’s Vice President, Cyril Ramaphosa, went on a deal-clinching mission during a three-day working visit to Iran, which culminated in the establishment of the SA-Iran Business Council.
Accompanied by government officials, parastatal representatives, cabinet ministers and business leaders, Ramaphosa, African Mining Brief is informed, facilitated the signing of deals spanning areas such as mineral processing, oil and gas.
Until the sanctions were imposed on Iran in 2002, Iran was South Africa’s main supplier of oil.
According to Ramphosa, the South African government believes it can gain from Iran’s abilities in various sectors.
Iran signed the Joint Comprehensive Programme of Action with the P5+1 countries of the UN Security Council. In principle, this set the tone for the lifting of sanctions.