Juba, South Sudan --- ESI-AFRICA.COM --- 13 July 2011 - The South Sudanese state oil company, Nilepet, has formed a joint venture with leading integrated commodities producer and marketer Glencore International Plc to market the North African country’s oil.
Making this announcement in a telephone call from here, managing director Mangok Khalil Mangok revealed that the joint venture would be called Petro Nile, and would be 51% controlled by Nilepet and 49% by Glencore. The company would start selling South Sudanese oil in August, he added.
Oilfields in South Sudan, which became independent on 9 July, produced about 375,000 barrels of crude, pumped mainly by China National Petroleum Corp., Malaysia’s Petroliam Nasional Bhd. and India’s Oil & Natural Gas Corp.
The Sudanese authorities in Khartoum have been marketing the crude and exporting it though pipelines to Port Sudan on the Red Sea. Since the end of the civil war 2005, the north and south have split earnings from production in southern oilfields.