Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

South Sudan oil production down 29  Join our daily free Newsletter

MENAFN - AFP - 02/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Fighting in South Sudan has cut production from the country's lifeline oilfields by about 29 percent, the press secretary to President Salva Kiir said in Khartoum on Sunday."South Sudan is still getting more than 175,000 barrels a day," said Ateny Wek Ateny.That amount is down from 245,000 barrels per day before fighting began in mid-December between forces supporting Kiir and those from a loose alliance of ethnic militia and army defectors loyal to ex-vice president Riek Machar.Ateny did not give a dollar figure for how much revenue the government has lost, and said a true assessment can come only after fighting completely stops."I know that there are a number of properties that are destroyed in Bentiu, in Bor and in Malakal and we cannot have the assessment now until the war is over," he said.In late February, rebels loyal to Machar captured Malakal, the capital of Upper Nile state where most of the South's oil is produced.The rebel move on Malakal came despite a ceasefire that was supposed to be in place.Government forces in January recaptured Bentiu, the capital of another oil-producing area, Unity State.India's ONGC Videsh Ltd, a partner in two joint oil production companies in South Sudan, announced on December 26 that the firms had temporarily halted operations there because of deteriorating security.Those fields were producing more than 40,000 barrels daily.South Sudan became independent from Sudan in July 2011 after a peace deal ended 22 years of civil war.The South split with about 75 percent of united Sudan's oil production, but pipelines and the Red Sea export terminal remained in the north.Under an agreement between the two countries, Sudan was to receive an estimated 1.5 billion this year in South Sudanese fees for using the northern export infrastructure, and a package to compensate for the loss of the South's oil at separation.That revenue due to Khartoum was down about 20 percent since fighting began in December, a Western diplomat said last month.The northern economy was already struggling with a shortage of foreign reserves, a weakened currency and soaring prices since South Sudan separated.The lost crude accounted for most of Khartoum's export earnings and half of its fiscal revenues.In the South, oil made up about 80 percent of 2012 gross domestic product (GDP), but even before war broke out in December it was one of the continent's least developed countries.GDP amounted to just 10.22 billion in 2012, according to the World Bank.Thousands of people have been killed and almost 900,000 others forced from their homes by the fighting in South Sudan, which began as a power struggle between Kiir and Machar.Oil industry analysts have cited the unrest in South Sudan as a factor supporting global crude prices.


 


AFP




  MENA News Headlines
 Jul 7 2015 - Dollar price against Egyptian pound stabilises, market anticipates CBE's next stepDaily News Egypt
(MENAFN - Daily News Egypt) he price of the US dollar against the Egyptian pound stabilised on Monday after witnessing two consecutive increases on Thursday and Sunday, during which it increased by ...

 Jul 7 2015 - Egypt- Are Ramadan charity campaigns backfiring?Daily News Egypt
(MENAFN - Daily News Egypt) A happy family gathering around Iftar after a long, tiring day of fasting turns into sadness and sorrow while watching a little girl on TV with a burned face crying out ...

 Jul 7 2015 - Egypt- Holy month unleashes hail of donation campaignsDaily News Egypt
(MENAFN - Daily News Egypt) With the beginning of Ramadan, a major burst of commercials asking for donations took over each and every TV channel. The excessive amount of commercials is not a foreign ...

 Jul 7 2015 - FIFA's Blatter unwittingly pinpoints football governance's prime issuesDaily News Egypt
(MENAFN - Daily News Egypt) Embattled FIFA president Sepp Blatter unwittingly put his finger on two fundamental issues that underlie a corruption scandal that has rocked world football governance, ...

 Jul 7 2015 - Emaar Egypt shares decline to EGP 3.71 per shareDaily News Egypt
(MENAFN - Daily News Egypt) Emaar Egypt's shares were traded at EGP 3.71 per share, lower than the price of their initial public offering (IPO), on the second day of Egyptian Stock Exchange (EGX) ...

 Jul 7 2015 - New budget of EGP 5bn allocated to Cairo Capital project: Housing MinisterDaily News Egypt
(MENAFN - Daily News Egypt) The New Urban Communities Authority (NUCA) has adopted its new budget for the current fiscal year (FY) 2015/2016, valued at EGP 33.2bn, according to Minister of Housing ...

 Jul 7 2015 - Egypt- Qalaa Holdings signs initial agreement to exit Misr Glass Manufacturing Company: Official statementDaily News Egypt
(MENAFN - Daily News Egypt) Qalaa Holdings Company, alongside a number of Misr Glass Manufacturing Company share holders, signed an initial agreement to sell 15.18% of the latter company's shares to ...

 Jul 7 2015 - Egypt- EATC organises annual meeting, suppliers currently stand by board of directorsDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Automotive and Trading Company (EATC), the Volkswagen and Audi agent in Egypt, held its annual meeting in an Iftar in the presence of Karim Naggar, EATC's ...

 Jul 7 2015 - Egypt- Tetra Pak still pursuing recycling project, looks at other partnersDaily News Egypt
(MENAFN - Daily News Egypt) Tetra Pak, a leading food processing and packaging solutions company, is still pursuing the recycling project it announced in 2013 with Akef Pack-tec, an Egyptian shopping ...

 Jul 7 2015 - Egypt -Ministry of Tourism sets cost of participating in 3 international exhibitions at â‚2,500: ETAADaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Tourism set the cost for companies and hotels participating in the next three tourist exhibitions, which will be held outside Egypt until April 2016, at ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help