Africa Oil Business News

Wed04132016

Last update11:28:10 AM

Iran To Sell LPG, Oil Products To South Africa

 

Iran will sell two million tonnes of liquefied petroleum gas (LPG) and oil products to South Africa annually, Iran’s Mehr News Agency (MNA) reported.

Head of Oil, Gas and Petrochemical Products Exporters Union Hassan Khosrojerdi said an agreement was reached last week during the visit of a trade delegation led by South African Foreign Minister Maite Nkoana-Mashabane.

The 40-member delegation from South Africa’s private sector arrived in Tehran on June 14 to explore ways of boosting bilateral economic ties.

Annual bilateral trade between Iran and South Africa is expected to reach US$2 billion.

Yearly non-oil trade between the two countries stood at US$52.53 million in the previous Iranian calendar year ending March 20, 2014.

South Africa exported US$13.49 million of non-oil goods to Iran and imported US$39.04 million non-oil goods from the country in the March 2013-March 2014 period.

Bernama