S. Sudan generated $3.3bn from oil exports: official

January 2, 2015 (JUBA) – South Sudan received $3.376 billion as revenue from oil exports in 2014, petroleum minister Stephen Dhieu Dau disclosed on Thursday.

He said $884 million of the money made was paid to Sudan, $781 million repaid loans and $1.711 billion (or $1,711 million) was retained as net amount.

“Indeed, despite the ongoing crisis, South Sudan emerged from 2014 not submerged in debts to foreign creditors but demonstrating fiscal restraint responsibility,” said Dhieu.

He said challenges in the petroleum industry were compounded by recent dramatic reduction in the world market price of crude oil.

“It will come as no surprise that one effect of the decrease in the global oil prices is the fairly substantial reduction of the [oil] revenue our nation is receiving in its sales of crude oil,” stressed the minister.

South Sudan relies heavily on oil to finance its budgets. A year of conflict in the young nation led to the closure its main oilfields in Unity state as daily oil production dropped to 160,000 bpd.

(ST)