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While diplomats may be slow to act for political reasons, South African business may have little room to maneuver. The U.S. move on banks could make it hard to pay Iran for its oil. And having close business ties with Iran might make it hard to do business in the U.S. and Europe. Last week, Sasol, a major South African energy and chemicals company, said it was reconsidering its business ties. Sasol added that Iran supplies it about 12,000 barrels a day of crude. "In view of recent developments regarding trade restrictions and possible oil sanctions against Iran, Sasol Oil is diversifying its crude oil sourcing, to mitigate risks associated with oil supply disruptions from the Middle East," Sasol said. Another major South African company, MTN, owns 49 percent of the Iranian mobile company Irancell. A Turkish company that was an unsuccessful bidder for a telecommunications license in Iran has hinted it will challenge the MTN deal by arguing in U.S. courts that MTN bribed an Iranian and a South African government official, and encouraged South Africa to support Iran's nuclear power development program at a meeting of the International Atomic Energy Agency. Politics are likely to continue to effect business. Last month, South African foreign affairs minister Maite Nkoana-Mashabane told reporters the way forward was for the international community to ensure weapons inspectors were able to do their jobs and to campaign for the peaceful use of nuclear power, "not just to target Iran as a country."
Donna Bryson can be reached on http://twitter.com/dbrysonAP.
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