Juba — SA and South Sudan signed an outline agreement on Friday that could see Pretoria invest about $1b in South Sudan's struggling oil industry. The agreement, which will be subject to detailed negotiations between the countries, was made between two state-owned companies, SA's Central Energy Fund and South Sudan's Nile Petroleum Corporation. South Sudan's oil minister Ezekiel Lol Gatkuoth said the investment will go into building a refinery and pipelines as well as oil exploration and training of workers and engineers. South Sudan currently produces around 155,000 barrels per day, less than half of what production was at the start of the latest civil war in December 2013. The country does not have its own refinery, so it currently sends crude by pipeline across the northern border to Sudan for processing and export, and imports refined fuels. "When this refinery is complete it will have capacity to produce 60,000 barrels of oil per day," energy minister Jeff Radebe said. "The who...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now