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August 21, 2024 (Juba) – The South Sudan Petroleum Company (Nilepet) has taken control of the abandoned oil fields and assets of Malaysian oil company PETRONAS.
The move comes after the Malaysian conglomerate announced it would leave the East African country after 14 years of operating in the energy sector.
Senior officials from South Sudan’s oil ministry, stakeholder representatives and the chairman of the board attended a high-level meeting hosted by President Salva Kiir in the capital, Juba, on Monday.
At the meeting, the state-owned South Sudan Broadcasting Corporation (St. Paul’s Bay Commercial Bank) Reports said they discussed Petronas’ exit from the country’s energy sector.
A statement noted that the decision was a strategic one after a technical committee submitted its findings and recommendations to the President.
Former Minister of Presidential Affairs Bangasi Joseph Bakosoro had previously announced that all Petronas assets and shares would be transferred to Nile Petroleum.
He further stressed that the government will inform Petronas in writing that it accepts the withdrawal of the country’s national oil company.
Meanwhile, Deputy Petroleum Minister Chol Thon Abel confirmed that Nilepet will assume all responsibilities previously undertaken by PETRONAS.
He further said that Nilepet will actively seek partnerships with other international companies to ensure seamless continuation of oilfield operations.
The deputy minister clarified that the government’s cooperation was mainly aimed at Petronas and not its parent company Petronas International Berhad.
He stressed that the distinction highlights the subsidiary’s involvement in South Sudan’s oil industry.
South Sudan declared independence from Sudan in 2011 and relies on Sudan’s oil exports.
(English stone)
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