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The United States of America has lifted sanctions on the Republic of south Sudan, Hon Dr Barnaba Marial Benjamin, the minister for Information and Broadcasting disclosed yesterday upon his arrival from the International Engagement Conference (IEC) in Washington DC. Dr Marial further revealed that the US government has promised South Sudan the membership of the African Government Opportunity Act (AGOA) which makes possible the export and import of South Sudan’s product to the USA without any taxes charged. He also reported that during the high profile conference, South Sudan was introduced by the USA to the international community. Similarly, the role of the international community in enhancing development in South Sudan was highlighted.

MARKET WATCH: Crude oil prices rebound; natural gas price falls

Crude oil prices rose Nov. 28 tracking a surge in equities and helped by a weaker US dollar to regain much of the loss at the end of last week. Front-month crude was up 1.5% in the New York futures market, but the expiring December natural gas contract fell 5%. James Zhang at Standard New York Securities Inc., the Standard Bank Group, said, “Gasoline was the best performer across the oil complex on hopes for a strong holiday demand, while middle-distillates were lagging. Refining margins continued to weaken, driven by the crude rally. The Brent structure jumped, pushing the backwardation as steep as early October, which clearly signals that the oil market is very sensitive to any supply disruptions at this stage.” However, Marc Ground, another Standard Bank Group analyst, reported, “The past week’s moves indicate some unease creeping into the oil market, which up until now has enjoyed relatively strong support as concerns over a US recession eased and the focus shifted to the market’s tight fundamentals.”

South Sudan to pay $41m to Ugandan traders for losses

Traders prepare to travel to Juba

South Sudan will pay $41m in compensation to members of South Sudan Traders Association Limited (MSTAL) a Ugandan body, which lost their property while trading in Juba. The body claimed harassment, confiscation of goods and property and the failure of the South Sudan government or individuals to pay for goods and services supplied and in some cases injuries and loss of life in the course of business. Among the firms that will be compensated are Aponye Uganda Limited ($8m), Afro Kai Limited ($2.58m), Sunrise and other single claimants who have sought compensation.

Indian investors see Ethiopia as land of opportunities

ADDIS ABABA: Ethiopia has been described as a land of investment opportunities and alternatives for foreign investors wishing to engage in the agriculture sector by a visiting Indian Agriculture and Commerce delegation. During discussions between the 34-member delegation with members of the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) here Tuesday, its leader, Ramakrishna Karuturi, said a good number of Indian investors had engaged in various investment sectors in Ethiopia in view of the availability of favorable conditions for investment in the country. Karuturi, who is also the founder and Managing Director of Karuturi Global Limited, the world's largest rose grower, said Ethiopia attracted investors as it was a country endowed with untapped natural resources.

Sudan: We're not taking Southern Sudan's oil

South Sudan and Sudan are engaged in a brawl over whether or not the Sudan has the right to take crude oil transported from South Sudan through its lands before the two sides reach a definite agreement on the issue in talks in Addis Ababa, Ethiopia. All of South Sudan’s 500,000 barrels of oil go through Sudan via a pipeline to the Red Sea. Khartoum argues that until an agreement is reached it has the right to take some of the oil in kind. This would be until South Sudan is able to pay her over 750 million dollars in dues since South Sudan's independence in June last year. Juba says that calculation is high and that it would not pay until the agreement is concluded. Khartoum cannot halt the flow of the oil since it involves many parties including its powerful ally, China, and its Islamic peer, Malaysia.
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Government pledges €200,000 to GOAL for South Sudan

THE DEPARTMENT of Foreign Affairs has pledged an allocation of €200,000 to the Irish charity GOAL to support its emergency programme in South Sudan. GOAL is providing humanitarian assistance to the thousands of displaced persons who have fled the ongoing violence in Sudan. The agency says that the number of refugees in the Maban region of South Sudan is expected to reach 100,000 over the coming weeks as people continue to flee unrest in neighbouring Sudan’s Blue Nile State. GOAL says the funding will help it focus its operations on providing health support as the physical condition of people at the camp has been deteriorating rapidly in recent days.

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SABMiller tries fresh approach in South Sudan When SABMiller decided to take a gamble and build a brewery in South Sudan, it became clear that some unconventional practices were going to have to be adopted in one of the least developed and poorest regions of Africa. An initial task was working out how to acquire a plot of land in an area with an undeveloped land ownership system, a problem that was overcome after the slaughter of a cow on the chosen property and the acquisition of a tractor for the local community, as well as royalty payments.

The brewery opened just more than 20 months ago, but it remains a challenging and expensive place to operate. Materials have to be transported to the landlocked country – the world’s newest – through the Kenyan port of Mombasa. Clearing the port can take weeks, before trucks embark on a week-long journey through Kenya and Uganda to reach Juba, South Sudan’s capital, at a cost of $15,000 to $20,000 (U.S.).