Skip to content Skip to Search
Skip navigation

Dubai company in $13bn oil-for-cash deal with South Sudan

The oil-for-cash deal with Dubai's HBK DOP represents twice South Sudan’s GDP, with 70% to be spent on infrastructure Reuters/Essam Al-Sudani
The oil-for-cash deal with Dubai's HBK DOP represents twice South Sudan’s GDP, with 70% to be spent on infrastructure

Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP) has signed a €12 billion ($12.9 billion) oil-for-cash deal with South Sudan, according to a media report.

The loan agreement was finalised between HBK DOP and South Sudan’s former finance minister Bak Barnaba Chol between December and February, Bloomberg reported, citing an unpublished report by a United Nations Security Council-appointed committee of investigators.

The report said the deal represents twice South Sudan’s GDP, with 70 percent to be spent on infrastructure.



The loan will allow the Dubai company to access oil at a discounted price for up to 20 years, with South Sudan reportedly receiving $10 less per barrel of oil than the global price.

HBK DOP was founded by Sheikh Hamad bin Khalifa Al Nahyan, a distant member of Abu Dhabi’s royal Al-Nahyan family, the report said. 

Chol, who was dismissed by President Salva Kiir in March due to deteriorating economic conditions, did not comment on the report, Bloomberg said. No comments were received from HBK DOP.

Latest articles

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]

Saudi Comac Dongfeng He Bandar al-Khorayef

Chinese planemaker banned by US woos Saudi airlines

The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China.  Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […]

The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade

Austrian finance unicorn to open in UAE

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share […]