Tuesday December 12, 2017

Oil exports top $2.14 billion dollar mark

A tanker docked at the Port of Fujairah. FILE PHOTO

MALAKAL – In the highest sales since the independence in July this year, the revenues generated from the exports of oil in the Republic of South Sudan reached an incredibly $2.14 billion (SSP 8.13 billion) from the months of July through to October alone, according to reports unveiled today by the Ministry of Mines and Petroleum.  

The sales, which the Ministry said was through the Port of Sudan alone was estimated to be as a result of 22 million barrels transported through there to the importers in Asian and European countries. To prove the sales, the Ministry put out a statement saying:  “Since achieving independence on July 9, 2011, the ministry of petroleum and mining has contracted the sale of 22 million barrels for export of crude oil and this is the prove that such a transaction did fairly take place based on current prices,” the statement reads.

However, the Ministry in their statement didn’t disclose how much the Government in Khartoum charged for the use of its oil infrastructure, including pipelines, refinery and export facilities during the said period.

Khartoum has been clinging on the $32 per barrel services that they imposed on the Government in Juba for the transportation of oil through its terminals in Port Sudan, which the RSS Government rejected; saying it’s illegal against the international standards. Both countries are still in locked discussions on the best prices to pay.

The Khartoum government seemed to look for a better way to compensate for the loss of 75% oil located Southward as a result of country’s split. Recently, the finance minister in Khartoum sounded an alarm on the potential failure of the economy there highly triggered by the shortage of hard currencies and oil revenues.

South Sudan is one of the poorest nations on earth with lack of basic services and a non-existence infrastructure. Most of its inhabitants live on less than a dollar a day according to UN statistics. Revenues generated from the oil sales are the driving forces to steer the fledgling economy that suffers from corruption and foreign funds embezzlement. However, it’s unclear whether the President’s scheduled trip to Khartoum this Saturday was a part of the oil negotiations currently on stalemates between the two neighbouring nations.


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