South Sudan’s government has allocated 10,000 barrels of its crude oil per day to Chinese firms to build roads in the country.
South Sudan’s economy is almost entirely dependent on exports of oil. Some of the suspended oilfields due to the conflict reopened last month in Unity region.
The deputy information minister, Lily Albino Akol Akol said the decision was reached at a cabinet meeting in Juba on Friday.
However, the deputy minister did not specify a deadline on when the allocation of 10,000 barrels of crude oil per day to Chinese companies should end.
South Sudan’s Dar blend is currently being sold for $61 per barrel in the international market.
South Sudanese President Salva Kiir, during a visit to China in August 2018, agreed to pay Chinese companies in crude oil to build roads.
The government plans to build the road from Nadapal all the way to Torit and to Juba and again from Juba down the road to Rumbek and to Wau.
“The council deliberated on the agenda and approved the allocation of 10,000 barrels of our crude oil per day to China's Exim bank. This, of course, will be used for infrastructure development especially roads as it was agreed with China,” said Akol.
The government official said the finance and justice ministers had been directed to expedite signing of the deal with Exim bank.
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