South Sudan to Nationalize Country’s Oil.

South Sudan officials confirmed on Friday it has kicked off plans to nationalize the country’s oil industry in the next five years.

Awou Daniel Chuang, Undersecretary in the Ministry of Petroleum told journalists in Juba, the capital of South Sudan, that the ministry has started the process of readying the oil sector to be nationalized and stop dependence on foreign help.

“When we talk about local content, we talk about maximizing the benefits and to maximize the number of people who are working in the oil industry but it does not mean it will be 100 percent, we have already reached 90 percent. For us to reach that level of nationalization, it will not take us less than five years for us to have quality engineers and quality managers, IT can take us about five years,” Daniel said.

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