S. Sudan generated $3.3bn from oil exports, says official
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January 2, 2015 (JUBA) – South Sudan received $3.376 billion as
revenue from oil exports in 2014, petroleum minister Stephen Dhieu Dau
disclosed on Thursday.
JPEG - 42.7 kb
South Sudan Petroleum minister Stephen Dhieu Dau (Getty)
He said $884 million of the money made was paid to Sudan, $781 million
repaid loans and $1.711 billion (or $1,711 million) was retained as
net amount.
“Indeed, despite the ongoing crisis, South Sudan emerged from 2014 not
submerged in debts to foreign creditors but demonstrating fiscal
restraint responsibility,” said Dhieu.
He said challenges in the petroleum industry were compounded by recent
dramatic reduction in the world market price of crude oil.
“It will come as no surprise that one effect of the decrease in the
global oil prices is the fairly substantial reduction of the [oil]
revenue our nation is receiving in its sales of crude oil,” stressed
the minister.
South Sudan relies heavily on oil to finance its budgets. A year of
conflict in the young nation, however, led to the closure its main
oilfields in Unity state as daily oil production dropped to 160,000
bpd.
(ST)
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3 January 07:19, by dinkdong
The oil revenue might have generated that much ($3.3bn), but the
corrupted government officials might have divided up much of it to
themselves.
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