South Africa to invest $1bn in South Sudan oil sector

2018-11-24 19:00
iStock

iStock

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

South Sudan's oil minister says South Africa will invest $1 billion into the war-torn country's oil sector in what would be the largest investment in the east African country's history.

Ezekiel Lol Gatkuoth confirmed Friday's signing of the memorandum of understanding with South Africa's energy minister, Jeff Radebe. Radebe tells state broadcaster SABC that both countries would benefit.

South Sudan has Africa's third-largest oil reserves, at 3.5 billion barrels, and it hopes increasing production will help the country recover after a peace deal was signed two months ago.

One analyst warns that despite the signing there's no guarantee the South African money will come through, though if it does it would be "incredible".

South Africa would join Chinese, Indian, Malaysian and other interests in South Sudan's oil sector.

* Sign up to News24's top Africa news in your inbox: SUBSCRIBE TO THE HELLO AFRICA NEWSLETTER

FOLLOW News24 Africa on Twitter and Facebook

Read more on:    sa  |  south sudan  |  east africa  |  southern africa
NEXT ON NEWS24X

Inside News24

 
/News
Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.