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FINANCIAL NEWS
Sudan, S Sudan agree to resume oil flow
29 Sep 2012
(MENAFN) The oil flow between Sudan and newly independent South Sudan will restart again, as the two countries firmed deals to secure their shared border and boost trade, Reuters reported.
The deals were signed by Sudan President Omar Hassan al-Bashir and South Sudan President Salva Kiir in Addis Ababa, Ethiopia.
The deal, reached after more than three weeks of negotiations, will allow landlocked South Sudan to resume oil exports though Sudan, which will provide both ailing economies with dollars.
The South in January had shut down its entire output of 350,000 barrels a day over transit fees dispute with neighbouring Sudan.
It is worth mentioning that South Sudan seceded in July 2011 under an agreement that ended decades of civil war. However, the neighbours still deeply distrust each other and have a history of failing to implement past agreements.
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