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EghtesadOnline: Petroleum Minister Bijan Zangeneh on Saturday expressed Iran’s readiness to purchase shares of South African refineries.

Speaking to reporters after a meeting in Tehran with South African Energy Minister Tina Joemat-Pettersson, Zangeneh said that Iran’s plan to purchase the shares of South African refineries is aimed at guaranteeing long-term oil exports to the country, ILNA reported.

Iran’s conditions are not proper enough for making investments in new projects abroad, but purchasing shares can be put on the agenda, the minister said.

He, however, noted that purchasing shares should be made by the private sector with the help of National Development Fund.

Zangeneh said that National Iranian Oil Company and National Iranian Oil Refining and Distribution Company should not be involved in this process.

Bijan Zangeneh Iran oil South Africa refinery