South Sudan sells $3.2bn of crude oil

24 November 2011

Newly formed state has shipped 33.4 million barrels of oil since gaining independence

South Sudan has managed to sell 33.4 million barrels of oil since its independence in deals estimated to be worth about $3.2bn.

The sale of its crude oil was made despite the newly founded country still being locked in negotiations with Sudan regarding the use of its oil infrastructure.

Sudan’s national oil company (NOC), Sudapet, has transferred its shares into South Sudan’s newly formed NOC Nilepet.

Sudapet lost 75 per cent of its total oil production of 470,000 barrels a day when South Sudan gained independence in mid-2011.

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