Iran to Take Stake in African Oil

Iran's national oil company will take a stake in Senegal's state-owned refinery and sell the country a year's supply of crude oil on preferential credit terms, Senegal's energy ministry has said.

The talks include increasing the capacity of Senegal's state refinery to 3 million tonnes a year from 1.2 million.

The announcement was received by Reuters and follows a visit by Senegalese Energy Minister Samuel Sarr to Tehran in mid-August to discuss oil projects.

Under a deal signed in Tehran, the National Iranian Oil Refining and Distribution Company (NIORDC) would acquire an unspecified shareholding in Senegal's state oil refinery Societe Africaine de Raffinage (SAR) according to the oil minister.

Reported by staff writer