SA plans $1bn investment in South Sudan oil industry

 Juba - South Africa and South Sudan signed an outline agreement on Friday that could see Pretoria invest around $1bn (about R13.8bn at current exchange rates) in South Sudan's struggling oil industry.

The agreement, which will be subject to detailed negotiations between the countries, was made between two state-owned companies, South Africa's Central Energy Fund and South Sudan's Nile Petroleum Corporation.

South Sudan's oil minister Ezekiel Lol Gatkuoth said the investment will go into building a refinery and pipelines as well as oil exploration and training of workers and engineers.

South Sudan currently produces around 155 000 barrels per day, less than half of what production was at the start of the latest civil war in December 2013.

The country does not have its own refinery, so it currently sends crude by pipeline across the northern border to Sudan for processing and export, and imports refined fuels......

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