South Sudan To Borrow About $1B From Oil Firms In 2014/15
JUBA, July 2 (Reuters) - South Sudan plans to borrow 3 billion South Sudanese pounds, about $1 billion at the official rate, from oil companies during the coming financial year to help cover repayments on domestic loans and previous oil advances, the government said in a budget document.
South Sudan has turned to oil companies before to plug a gap caused by a drop in oil output, the main source of cash for a nation mired in conflict since mid-December. Fighting between rebels and the government has damaged some fields.
The budget anticpates revenues of 11.553 billion pounds for the 2014/2015 fiscal year, which is starting in July. About three-quarters of that is due to come from oil earnings, according to the text of the finance minister's speech dated June 25.
A lawmaker told Reuters it was presented to parliament on Wednesday.
From those revenues, the government said, 3.711 billion pounds would be paid to cover domestic loans and oil advances.
"In order to offset the negative impact these repayments will have on our budget financing next financial year, we intend to borrow a further 3 billion pounds from the oil companies," Finance Minister Aggrey Tisa Sabuni said in the speech.
He said this borrowing was "in effect rolling our obligation over until such a time as our budget is on a more sustainable financial footing."
12
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally