Oil minister says cash injection will boost Sudans foreign reserves
The Sudanese government has received $183m in transit fees since signing a framework agreement on 28 June. The deal was signed with international oil companies operating on blocks number 3 and 7 in South Sudan and deal entitles Khartoum to $366m annually until the end of 2017.
Sudans Oil Minister Makkawi Mohamed Awad told state news agency Suna that the money had been transferred by China National Petroleum Corporation (CNPC) and the Malaysian oil and gas company Petronas.
Awad praised the two firms for their commitment to the agreement and said the money would help to boost Sudans foreign reserves.
Oil used to be the main source of revenue for Sudan until the south seceded in July 2011, taking with it 75 per cent of Khartoums oil production. While most oil assets are now located in South Sudan, the oil is still transported through pipelines in Sudan.
You might also like...
PIF entity makes $1bn Lucid placement
29 March 2024
Petro Rabigh awards KBR maintenance contract
29 March 2024
Diriyah Company seeks firms for demolition package
29 March 2024
Consultant appointed for Ellington Views RAK project
29 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.