Trafigura’s Asia Pacific CFO, Nicolas Marsac, said that the Dutch multinational commodity trading company has offered South Sudan an advance payment of $10m for November oil cargo, Ecofin Agency reported.
According to the company in a letter addressed to South Sudan’s Minister of Oil, Lol Gatkuoth, and the Minister of Finance, Stephen Dhieu Dau, requested in advance to be granted the November oil deal on conditions that it will make an advance prepayment to South Sudan as well as repay past payments made to Sudan on behalf of South Sudan, according to Nyamilepedia News.
Meanwhile concerns have been raised as to the company’s involvement in South Sudan politics, controlling its oil accounts and helping the two rivaling Sudan profit from their crude oil.
This comes as the independent state aims to boost its oil exports. Egypt Oil&Gas reported late August that Gatkuoth had said that the South Sudan is determined to increase crude oil production by November 2016 to start exports to neighboring Ethiopia. Gatkuoth had cited the pre-war crude production levels at 500,000 b/d, with other sources pegging it at 350,000 b/d. He added that oil production had slumped to 130,000 b/d as a result of the state’s ongoing conflict for it’s independence.