Sudan and South Sudan reach oil agreement

by admin
Aug 3, 2012

Sudan and South Sudan reached an agreement on oil on Saturday, following an extension of Thursday's deadline.

The agreement includes the exportation of South Sudanese oil through Sudan's pipelines, and the distribution of oil revenues.

A fee of $9.48 for crude oil exportation, and $11 for light crude oil exportation was finally agreed upon, along with a £3.028 billion one off payment by South Sudan to Sudan to compensate them for the loss of oil revenue following the South's independence.

A spokesperson for Sudan, told the Associated Press, "the deal is accepted by both sides. Even though it falls below the expectations of both sides, it constitutes a middle ground,"

Commenting on the one off compensation payment, he said that the deficit reached $10.4 billion, and Sudan expected the international community to step in and provide assistance.

 

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