BB Energy has been awarded three additional crude oil cargoes by the Republic of South Sudan, scheduled for delivery in August, September and November this year.
In return, the trading firm has agreed to relax injunction restrictions that had blocked South Sudan from receiving advance payments for its crude cargoes, with the relaxation set to remain in place until the end of November.
Jas Grewall, head of business development at BB Energy, thanked South Sudanese officials including Minister of Finance Kuol Daniel Ayulo for what he called constructive commercial engagement, adding that the company looks forward to fully resolving the underlying dispute. The new cargoes are expected to help pay down amounts owed to BB Energy, with both sides working toward a longer-term settlement of the outstanding balance in the coming months.
Source: prnewswire.com