Egypt clinches first oil, gas deal with South Sudan – ministry

Egypt has signed its first oil and gas deal with South Sudan, the Egyptian foreign ministry said in a statement Wednesday.

The ministry did not elaborate on the details of the deal, which was signed during an energy conference in Juba, the capital of South Sudan, but said it is part of a broader strategy sponsored by Egyptian President Abdel Fattah al-Sisi to boost investment in Africa.

The memorandum of understating is the “first legal framework regulating relations between the two countries in the oil and energy field,” the ministry said.

South Sudan in August made its first oil discovery since independence from Sudan in 2011.

The country generates most of its revenues from oil.

Source: Ahram Online