Petrochemicals group Sasol has taken a pause and foresee its stand on the possible resumption of crude oil imports from Iran, after the landmark July 14 agreement, which set the prospect for the lifting of sanctions on the country.

Historically, Iran is a major source of crude oil for South Africa. At one stage, it was South Africa’s largest supplier of crude oil. According to Sasol spokesperson Alex Anderson, the company has not had any talks about the resumption of crude oil imports from Iran. Sasol has not imported oil from Iran since 2012. At the time, Iran supplied about 20% of Sasol’s crude oil requirements for its Natref refinery. “We believe that the process to bring Iran back into the fold of global commerce would be conducive to enhancing global trade in the region. We have not engaged with, nor indicated interest to any Iranian official to resume crude oil imports from Iran,” he said.

The agreement, also known as the Joint Comprehensive Plan of Action, makes provision for the International Atomic Energy Authority to verify Iran's compliance with nuclear-related measures. Once this has happened “and certain sanctions have been suspended, Sasol will reevaluate its options regarding importing of crude oil from Iran”, Anderson said.

He added that the company currently imports crude oil on term and spot purchase arrangements from the global markets. Presently the majority of Sasol's crude oil is imported from Saudi Arabia and West Africa. When sanctions’ grip on Iran tightened a few years ago, Sasol which is listed in Johannesburg and New York, was among companies that divested their operations from the country. In 2013, Sasol sold its 50% stake in Arya Sasol Polymer, a joint venture with Iran’s state-owned Pars Petrochemical Company. Engineeringnews reports.