Juba to pay Khartoum $1.2 billion
The News: South Sudan will pay Sudan $1.2 billion in outstanding oil debt as oil output increases with reopening of more oilfields, according to Petroleum Minister Ezekiel Lol Gatkuoth.
The Lowdown: According to Mr Gatkuoth, South Sudan had paid off about $2 billion but the remainder was delayed after the country plunged into civil war in 2013 and oil production was subsequently suspended in the northern parts of the country in 2014. The debt emanated from a 2012 deal that ended a dispute between the two countries over oil payments following the South's independence from Sudan in July 2011. Under the agreement, Juba agreed to pay $3 billion dollars to Khartoum as compensation for oil reserves Khartoum lost to Juba after independence. He said with the recent reopening of the Unity oil fields, the country will use its increased oil proceeds to finish the debt, saying the countty has already paid $2 billion.