South Sudan crude oil price drops in the world market, says ministry

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A new report by the ministry of Petroleum and Mining says that South Sudanese crude oil price in the world market has dropped to $25 dollars per barrel.

A new report by the ministry of Petroleum and Mining says that South Sudanese crude oil price in the world market has dropped to $25 dollars per barrel.

According to a ministry document obtained by TCT, the price of South Sudanese crude oil is currently the lowest in the world market.

The report attributes the drop to low oil prices worldwide and high pipeline fees paid by Juba to Khartoum.

As per an agreement signed in 2012, South Sudan pays a fixed rate of $26 dollars per barrel for oil transported through Sudan's pipelines, regardless of the market value.

Based on what the IMF reported last week that South Sudan government will have challenges to finance the budget of 2014-15, this is likely to become true with the drop of oil prices in the world market.

In related news, a new Memorandum of Understanding spelling out the rights for South Sudanese citizens in Sudan has been signed in Khartoum.

The Ministry of Interior in Sudan disclosed that the memorandum allows South Sudanese nationals in Sudan to have permission to enter, reside and work legally, and have an access to services and freedom of movement.

The MOU was signed on Sunday by the United Nations High Commissioner for Refugees, the Commission for Refugees and Directorate of Passports and Immigration of the Ministry of Interior of the Republic of the Sudan.

South Sudanese in Sudan will also be given identity cards free of charge, which will be valid for their entire period of their stay in Sudan.

UNHCR is expected to support the Directorate of Passports and Immigration to implement the registration and documentation of the South Sudanese nationals in Sudan.

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