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FINANCIAL NEWS
S Sudan to resume oil exports through Sudan
08 Apr 2013
(MENAFN) By the end of next month, South Sudan will restart exporting its oil from Sudan, following a halt that lasted for over 1 year, reported Emirates 24/7, citing official SUNA news agency.
SUNA revealed that Sudan and South Sudan consented to begin oil pumping in mid-April, while exports will start by the end of May.
At the start of 2012, South Sudan stopped crude output, a move that cut off nearly all of its oil revenue, saying that Sudan was stealing export fees.
South Sudan, which separated from the north in 2011, holds around 75 percent of the 470,000 barrels per day (bpd) of crude produced by the formerly unified country.
However, refineries and export pipelines remained under Khartoum’s jurisdiction, nevertheless, the two countries could not reach a deal on how much Juba should pay to use that infrastructure.
It is worth noting that several foreign oil firms have operations in South Sudan, including Malaysia’s Petronas, China’s National Petroleum Company (CNPC), in addition to the Sudd Petroleum Operating Company (SPOC), which is a joint venture between Petronas and the government of South Sudan.
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