Petroleum Africa
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Wednesday, August 28, 2013
The parliament in South Sudan has passed a long-delayed petroleum bill. The bill now needs final approval from the country’s president Salva Kiir. The bill regulates how the government can spend oil revenues and it is hoped that the passage of the bill will attract more foreign investment by improving transparency.
The Petroleum Revenue Management Bill was approved in final reading in late-July and is now waiting for Kiir’s approval, Henry Odwar, head of the petroleum and mining committee, told Reuters.
No details on the bill were offered but previous versions show that up to 10% of the revenues will go to a new future generation fund, a nest egg for the time when oil will run out, and part of the money must also go to oil-producing communities.
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