Iran, S Africa sign oil agreement

News ID: 3606644 -
TEHRAN, Apr. 24 (MNA) – Iran and South Africa have inked a joint memorandum in the field of Gas to liquids (GTL) at the presence of the two countries’ presidents.

During a meeting in Tehran on Sunday attended by Iranian and South African presidents, a joint memorandum of cooperation was signed between the two states in the field of GLT aiming to convert natural gas or other gaseous hydrocarbons into longer-chain hydrocarbons such as gasoline or diesel fuel.

Accordingly, Iranian Director of the Research Institute of the Petroleum Industry Hamid Reza Katouzian and Acting Vice President at Trade Supply and Logistics (TS&L) department of the Petroleum, Oil and Gas Corporation of South Africa (PetroSA) Ms Baxolile J. Zwane sealed an MoU on bolstering GTL industry.

GTL refineries provide the possibility to convert natural gas to petroleum products and liquid fuels like diesel and naphtha.

No commercial GTL plant has been constructed in Iran yet despite existence of huge reserves of natural gas in the country.

Qatar, as Iran’s main partner in South Pars joint gas field, remains as the largest producer and exporter of LNG and GTL in the world.

Overall, eight documents and memoranda of cooperation were sealed on Sunday to boost bilateral ties at the presence of Iranian President Hassan Rouhani and his South African Counterpart Jacob Zuma.

The newly-signed MoUs cover several areas including trade and industry, creation of a joint working group on investment, agriculture, resource management, insurance, exchange of financial information related to money laundering, oil industry as well as programs in the fields of culture and art.

 

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