Ethiopia to import cheaper refined oil from S. Sudan: official

Oct. 31-- Oct. 31--JUBA -- Ethiopia will begin importing cheaper refined oil from South Sudan to substitute the more expensive product from the Middle East, a senior official said on Wednesday.

Speaking to reporters in the South Sudan capital, Juba, Ethiopia's state minister for Petroleum, Koang Tutlam, said his country could save between 15-20% of the $3.4 billion used to import up to 4 million tons of refined oil from the Middle East yearly.

"We import almost all of our oil and other refined products from the Middle East, but owing to the close proximity of about 200 km between the oilfields of Pagak and Adar and the Ethiopian border, we stand to save much," said Tutlam.

South Sudan became the world's youngest country after it split from Sudan in 2011. It has one of the largest reserves of crude in sub-Saharan Africa, only a third of which have been explored.

Separately, Tutlam said Ethiopia, which is currently exporting hydroelectric power to South Sudan also plans to start exporting an estimated 400 MW of power to Kenya in order to expand its market.

The third oil and gas conference held in partnership with Africa Oil and Power, focusing on finance, oil field technology and community development successfully concluded in Juba on Wednesday.

(ST)

Source: INACTIVE-Tribune Regional
(October 31, 2019 - 4:49 PM EDT)

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