Iranian and South African firms plan joint oil investments

Iranian and South African oil companies are planning joint investments worth some $ 2 bn, which may treble in years to come, Iran's Foreign Minister Kamal Kharazi said. Speaking at the opening of the seventh joint commission meeting between the two countries, Kharazi lauded economic cooperation between Iran and South Africa, which amounted to $ 730 mm last year.
"Oil companies from both sides also discussed a number of projects with a maximum investment of $ 2 bn. Such joint investments may increase by $ 4 bn in the years to come," he said in the South African capital.

Last year, South Africa bought 40 % of its oil supplies from Iran. More than 40 government officials and 20 businessmen are in South Africa for the two-day meeting to discuss political, economic and judicial cooperation, including combating the threat of terrorism and narcotics, Kharazi said.
South African Foreign Minister Nkosazana Dlamini-Zuma said both Iran and South Africa wanted to put unfortunate pasts behind them.

"We have both had to make certain sacrifices and certain adjustments to get to the point we are at today," she said.
"Bilateral relations are excellent, with more than 40 agreements, memoranda of understanding and joint statements signed in the decade since diplomatic relations were rekindled."