Bloomberg News

South Sudan Expects to Earn $2.14 Billion From Oil Since July

October 06, 2011

Oct. 6 (Bloomberg) -- South Sudan expects to earn $2.14 billion from the sale of oil to customers in Asia and Europe since it gained independence in July, the Petroleum Ministry said.

The East African nation signed contracts for the sale of 22 million barrels of crude for export in the three-month period through October, the Juba-based ministry said in an e-mailed statement yesterday.

South Sudan gained control of about 75 percent of Sudan’s daily oil production of 490,000 barrels when it became independent. The crude, pumped mainly by China National Petroleum Corp., Malaysia’s Petroliam Nasional Bhd and India’s Oil & Natural Gas Corp., is exported through a pipeline that runs to Port Sudan on the Red Sea.

Oil earnings accounted for about 98 percent of South Sudan’s 2010 budget.

For Related News & Information: On South Sudan’s Oil Industry: {TNI SOUTHSUDAN OIL <GO>} Top Regional Stories: {AFTO <GO>} Most-Read Africa News: {MNI AFRICA <GO>}

--Editors: Paul Richardson, Heather Langan.

To contact the reporter on this story: Jared Ferrie in Juba via Nairobi at pmrichardson@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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