South Sudan renews oil contracts with China, Malaysia companies

South Sudan has renewed oil mining contracts with China’s National Petroleum Corporation and Malaysia’s Petronas for five more years, Petroleum Minister Ezekiel Lul Gatkuoth said Friday.

South Sudan has pledged to increase its oil production from 130,000 to 350,000 barrels a day despite the ongoing armed conflict.

The renewal of the contracts will boost production in oil fields that had been shut down because of fighting, Gatkuoth said at the signing ceremony in the capital Juba.

A three-year armed conflict pitting President Salva Kiir against rebel leader Riek Machar has slashed oil output in one of the world's most oil-dependent economies.

The conflict has killed tens of thousands and displaced about 3 million people. The formation of a unity government in April did not stop the fighting.

Last update: Fri, 06/01/2017 - 18:04


More from Business

Tobacco giant BAT agrees to 49-billion-dollar takeover of US rival

British American Tobacco Plc on Tuesday said it has finalized a deal to acquire 57.8 per cent of shares of US rival...

IMF raises China growth forecast, but warns of sharper slowdown

China's economy will expand by 6.5 per cent this year, the International Monetary Fund said on Monday, as it warned...

Trump's warning to German carmakers hits shares

Shares in German carmakers tumbled on Monday after incoming US president Donald Trump threatened the industry with...

Report: Ex-Volkswagen head knew about scandal two months before

Former Volkswagen chief executive Martin Winterkorn knew about the company's emissions scandal two months earlier...

Takata to pay 1-billion-dollar criminal fine over defective airbags

Beleaguered Japanese car-parts supplier Takata has agreed to pay a criminal penalty of 1 billion dollars, and three...