Sudan, S.Sudan Agree To Extend Oil Deal
Faizan Hashmi Published August 23, 2016 | 09:58 PM
KHARTOUM, (APP - UrduPoint / Pakistan Point News - 23th August, 2016) : Sudan and South Sudan agreed Tuesday to extend an oil deal between the two countries, officials said, but they failed to settle the exact terms. When they split in 2011 after decades of war, the two nations agreed that the South would pay a fixed fee for the use of export pipelines and facilities located in Sudan. But a fall in global oil prices meant that the fee exceeded Juba's earnings from oil sales, so the impoverished South lost money on every barrel sold.
The existing agreement had been due to expire in October. The countries' oil ministers began talks in Khartoum on Sunday as South Sudan's new Vice President Taban Deng Gai began a two-day visit aimed at addressing issues outstanding from the 2011 split. "Both sides broadly agreed on extending the existing oil agreement which expires before the end of this year," a joint statement said on Tuesday.
It did not specify the duration of the extended agreement. During the discussions held this week, South Sudan agreed to increase its oil production and revive oilfields in the country's Unity state. The two sides, however, failed to decide on the financial terms of the deal, an official close to the negotiations told AFP, adding that they were expected to meet again within a month to work out those details. South Sudan is estimated to produce around 150,000 barrels of oil a day -- down from 350,000 at independence in 2011. Many oil fields ceased operating after the South plunged into civil war less than two years after its secession, with tens of thousands killed and more than 2.3 million driven from their homes.
Related Topics
Recent Stories
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
More Stories From World
-
Bangladesh children sweat at home as heatwave shuts schools
14 minutes ago -
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leave after 20 years of ..
34 minutes ago -
Golf: PGA Zurich Classic of New Orleans scores
44 minutes ago -
Slot 'confident' of Liverpool job as 'negotiations' take place
7 hours ago -
Google parent Alphabet's Q1 profits beat estimates: company
7 hours ago -
WADA asks 'independent prosecutor' to examine Chinese swimmers case
7 hours ago
-
New York court overturns Harvey Weinstein sex crime conviction
7 hours ago -
Bagnaia and Spanish rivals chase victory at Jerez
9 hours ago -
Russian, Ukrainian strikes kill at least 10 in frontline regions
9 hours ago -
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
9 hours ago -
Tourism must change, mayor says as Venice launches entry fee
9 hours ago -
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leave after 20 years of ..
10 hours ago