Oil company in South Sudan shifts to farming business
December 14, 2008 (PARIS) — A British oil company doing business in Southern Sudan have decided to move into the agricultural sector according to a press release.
White Nile Limited said in a statement that it will hold a meeting early next year to get approval for the change from its stockholders.
“Due to certain situations beyond the control of the Board, including the fluctuating political situation in Southern Sudan and the current global economic downturn, it has not been possible, to date, to fully maximize the initial perceived value of the Company’s portfolio” the company said.
“The company’s current strategy of concentrating on oil & gas exploration is not now in the best interest of shareholders” it said.
White Nile Limited which went public in 2005 obtained drilling rights in southern Sudan, Ethiopia, Kenya and Nigeria.
“The Board has identified the agricultural sector in Africa as being an area of activity which it believes is resilient enough to generate returns on investment even in this current economic environment”.
It says that the proposed name for the new company is Agriterra Limited which requires acquiring or investing in agricultural related companies within 12 months.
In a separate move the company also announced that two of its board members Edward Lino and Lual Deng are no longer non-executive directors effective immediately.
“Mr Lino and Dr Deng had been appointed to the Board as representatives of NilePet, and given that the deferral of NilePet’s shares has now been formalized, pending such time as clarity of title is achieved in respect of the Block Ba oil concession in Southern Sudan” the group said.
“It was decided that in these circumstances it would be sensible, logical and appropriate for Mr Lino and Dr Deng to vacate their respective directorships, with immediate effect” White Nile said.
Both figures are members of Sudan People Liberation Movement (SPLM).
(ST)
Saaid Nafe
Oil company in South Sudan shifts to farming business
Well done the planners of the new named company Agritreea Limited for the change into Agriculture planning in the Southern Sudan because Southerners themselves don’t know how to put the priority in their selection when investors apply to invests in the south. The basic principle and the priority for any investor to be selected should be for those who want to invest in the basic human need base on food shelter, and clothing. I hope our Government will accept your change in to Agriculture Projects in the south so that the beneficries get benefit directly than petrolum money which we do hear but not seen in devlopment.
Justin Chicago opiny
Oil company in South Sudan shifts to farming business
The decision taken by the British oil company to shift to Agriculture is one
of the most important ever made. This is a wise decision because FOOD ALWAYS COMES FIRST.Southern sudan is still a virgin
land and can easily become the bread basket of the region. We have seen that oil is a cursed stuff whenever
there is oil there is always trouble.
Waste no time go to greater Equatoria
where the people are already farmers and like the land for that purpose.
I hope the GOSS will welcome the company
in the south to make south sudan self sufficient in food and export the surplus to the countries in the region and beyond.The British pyramid consultant was very active at the Upper
Talanga Tea Project in EES . The Boiler at Upper Talanga was put in place by Pipe Engineers from Britain. I hope those are the areas where you can invest and get quick returns. Welcome to the world of farmers in Greater Equatoria.