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
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