South Africa and Iran share good trade relations, with South African exports increasing by 7 percent from $1.4 billion in 2006 to $1.5 billion in 2007, and imports from Iran, mostly
crude oil, increasing by 13.5 percent from $18.3 billion in 2006 to $20.8 billion in 2007. Iran was the largest supplier of crude oil to South Africa in 2007.
Sasol participated in a $900-million polymer joint venture with the Iranian state-owned petrochemicals company,
Pars Petrochemicals Company, which produces ethylene as well as high- and low-density polyethylene. The joint venture is known as the
Arya Sasol Polymer Company. Iran and South Africa have equally invested 1.35 billion
euros in the project. Arya Sasol Petrochemical Complex is among the world's biggest
polymer projects. When the complex comes on stream, 400,000 tons of ethylene, 90,000 tons of C3 cut, 300,000 tons of medium and heavy polyethylene, and 300,000 tons of light polyethylene will be added to Iran's petrochemical output. However, due to international sanctions, Sasol sold its stake in 2013 for $238 million, and as of 2015, it has no invested or operating interest in Iran. . In the 12th meeting of the
South Africa–
Iran joint commission held in
Tehran,
Iran 10–11 May the South African
Minister of International Relations and Cooperation condemned the imposition of
Sanctions against Iran, saying the sanctions are "irrational and illegal". The minister showed interest to improve the trade relations in areas such as
education, health, investments,
mining,
transport,
agriculture,
science and
technology, and
energy once the sanctions are lifted.
Relations during apartheid Ties between the Iranian government under the
Pahlavi dynasty and South Africa's predominantly white government were close during
apartheid. After
Reza Shah abdicated in 1941, he exiled himself to South Africa then he died there in 1944. His son,
Mohammad Reza Pahlavi visited the country during the 1970s where he was received by
B J Vorster. During the
Iran–Iraq War, South Africa is believed to have sold defence technology to Iran in exchange for oil. ==Raisi administration==