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South Sudan Makes $1.3 Billion From Oil Exports Since April
11/10/2013
JUBA (Reuters) - South Sudan has made more than $1.3 billion in oil sales since the country restarted production in April this year, the Ministry of Petroleum said on Thursday.
The country has paid more than $300 million to Khartoum to export the crude through Sudan's pipelines and to ship the crude from Port Sudan.
The neighbours fought one of Africa's longest civil wars, which ended in 2005, ahead of full independence for South Sudan in mid-2011.
They agreed in March this year to resume cross-border oil flows after Juba had shut down oil production in January 2012, following a row with Khartoum over pipeline fees.
The country was forced to borrow 4.7 billion South Sudanese Pounds, about $1.5 billion, in foreign and domestic markets to keep itself afloat during the period oil production was turned off, Minister of Finance Aggrey Tisa Sabuni said during his budget speech earlier this year.
More than $232 million has gone toward paying off that debt since production restarted, officials said.
The country is producing 190,000 barrels per day, oil ministry spokesman Nicodemus Ajak Bior said.
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