Sudan oil revenue for October surpasses $600 million
December 3, 2008 (KHARTOUM) — Sudan announced that oil revenues in the country last October reached $608 million, a 13% increase from a year, the official news agency (SUNA) reported.
The October revenues included $415.14 million from exports return and $193.62 million as the proceeds of the domestically used petroleum.
Undersecretary of the Ministry of Finance and National Economy, Al-Tayib Abu Gnaya said that that the share of the Government of Southern Sudan (GoSS) in oil revenues is $272.04 million of which $196.94 million from exports and $75.10 million of the locally used oil.
The Sudanese official said that GoSS received $234.42 million in direct remittances.
Abu Gnaya made these statements following a regular meeting of the Joint Committee for Oil Accounts, which includes the National Government and Government of Southern Sudan.
The committee reviewed production position, prices, domestic use and exports and sharing of the return in accordance with the provisions of wealth-sharing of the Comprehensive Peace Agreement (CPA).
The committee also reviewed the Oil Revenues Stabilization Account (ORSA) which registered 153.8 million dollars in last October and the share of oil producing states which amounted to $18.74 million; $4.85 million for the Unity State, $7.57 dollars for Upper Nile State and South Kordofan State $2.69 million.
According to the national wealth sharing protocol, signed on 7 January 2004 by the government of the National Congress Party (NCP) and the Sudan People Liberation Movement (SPLM), at least 2% of the oil revenue is allocated to the oil-producing states in proportion to their output.
After the payment to Oil Revenue Stabilization Account and to the oil producing states/regions, fifty percent (50%) of net oil revenue derived from oil producing wells are allocated to the Government of Southern Sudan and the remaining fifty percent (50%) to the National Government and states in northern Sudan.
(ST)