Sudan to receive $884 million from Juba in oil transit fees in 2014
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January 3, 2015 (KHARTOUM) – South Sudan’s oil minister, Stephen Dhieu
Dau, has said on Saturday that Sudan’s share from transit fees of
South Sudan’s oil amounted to $884 million in 2014.
JPEG - 48.3 kb
South Sudan oil minister Stephen Dhieu Dau celebrates on May 5, 2013
with local dancers in an oil production facility in Paloch in Upper
Nile state, the resumption of oil production after a 16-month hiatus
(Getty)
He pointed his country’s oil revenue last year was hit by reduced
output due to the ongoing internal armed conflict and the rapid
worldwide decline in oil prices.
Oil is the largest source of income for South Sudan but its production
has been hit by the fighting which broke out in December 2013 in the
wake of a power struggle between president Salva Kiir and former vice
president Riek Machar.
The total oil revenue last year was $3.38 billion from the sale of
36.6 million barrels.
Violence has claimed tens of thousands of lives and displaced over a
million others. It also resulted in damage to some of the country’s
oil fields while production at others was affected by a lack of spare
parts.
Oil production fell by about a third to an average 160,000 barrels per
day (bpd) since fighting broke out, from 245,000 bpd just before the
violence erupted.
According to Reuters, Dau said in a statement on Saturday that after
deducting $884 million in payments due to Sudan and loan repayments of
$781 million, the government of South Sudan was left with $1.71
billion from its oil revenue.
Oil used to be the main source for Sudan’s budget until southern
secession in July 2011, when Khartoum lost 75 percent of its oil
production and its status as oil exporter overnight.
(ST)
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