Sudan, South Sudan strike crucial oil deal

August 04, 2012 16:35

Sudan and South Sudan have hammered out a deal on how to share their oil wealth, one of a series of disputes that brought the rivals to the brink of all-out war earlier this year.

"The parties have agreed on all of the financial arrangements regarding oil, so that's done," African Union mediator Thabo Mbeki said early today after talks in the Ethiopian capital.

The two countries had faced an August 2 deadline set by the United Nations to resolve their differences on oil and borders, and Mbeki said they would meet next month to try to find a compromise on the disputed region of Abyei.

Mbeki said a timetable would now be drawn up for the resumption of oil production and exports, which are vital to the economies of both deeply impoverished countries.

"What will remain, given that there is an agreement, is to then discuss the next steps as to when the oil companies should be asked to prepare for resumption of production and export," he said.

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