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Article

26 Aug 2013

Author:
Reuters

South Sudan passes oil bill, waits president's approval

South Sudan's parliament has passed a long-awaited petroleum bill after years of consultation and waits for final approval by President Salva Kiir...Officials hope the bill, which regulates for the first time how the government can spend oil revenues, will make the African producer more attractive for foreign investment by improving transparency...Henry Odwar, head of the petroleum and mining committee...said the bill...will set out rules on how the government can spend oil revenues, the main source of its budget. Odwar gave no details but previous versions of the bill show that up to 10 percent of the revenues will have go to a new future generation fund, a nest egg for the time when oil will run out. Part of the money must also go to oil-producing communities...South Sudan hopes to explore with the help of France's Total and U.S. firm Exxon a large area in Jonglei state...