South Africa is looking to buy 24 million barrels of oil per year from Iraq 10/17
South Africa is looking to buy 24 million barrels of oil per year from Iraq
10/17/2015 0 Comments
Twilight News / official said on Friday that the Strategic Fuel Fund in South Africa seeks to import 24 million barrels of oil per year from Iraq to strengthen its reserves and will be the first imports of crude from Iraq to South Africa for more than ten years. South Africa did not import oil from Iraq since 2003, when Saddam Hussein was ousted from power. Said Sibusiso Jimd Acting Chief Executive of the Strategic Fuel Fund "Strategic Fuel Fund made a request to the Iraqi oil marketing company SOMO in order to obtain a stake in the context of security of supply and wait for response Sumo." He told Reuters: "We look forward to two million (barrels) a month up to 24 million (barrels) per year." According to a senior Iraqi diplomat in Pretoria, South Africa has been looking forward to getting a much larger amount despite the fact that analysts are skeptical of the quantities mentioned. The Iraqi diplomat said that the Sumo is also considering separate requests from private companies for the amount totaling 24 million barrels of oil per year will be used to supply refineries in South Africa and the Southern African Development Community (SADC). South Africa and the diversity of its sources of crude since the imposition of the European Union and United States sanctions on Iran, which was the largest supplier in the past. Pretoria said it would resume oil imports from Tehran "tomorrow" if the lifting of sanctions. The rise of Iraq's exports of extracted oil from the southern fields rose slightly to about 3.25 million barrels a day in 2016 as head of the Iraqi Southern Oil Company said last month as the country is struggling to boost production in the face of a sharp fall in crude prices.