SA set to invest billions in South Sudan’s oil sector

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South Africa will be investing $1billion, over R13 billion, in South Sudan’s oil sector including the construction of a refinery.

Minister of Energy Jeff Radebe made the announcement alongside his South Sudanese counterpart for petroleum, Ezekiel Lol Gatkuoth.

The two ministers signed a memorandum of understanding, which will also result in South Africa being involved in the exploration of several oil blocks.

Before the South gained its independence, Sudan was ranked as Africa’s sixth largest oil producer, with most of the known deposits in the south.