MANAMA, May 30, 2004 (dpa) — Sudan is to increase its oil production capacity by pumping half a million barrels of oil daily by the end of the year, said Sudan’s central bank governor, Abdulmonem Mahmood al-Gosi, during a visit to Bahrain Sunday.
"We currently pump about 300,000 barrels a year, but it will skyrocket," said the first governor at the Bank of Sudan, its central bank, al-Gosi.
We are here to discuss incorporating Bahrain into our five year plan to develop and reconstruct Sudan. The project is worth 16 billion U.S. dollars, he said.
The oil will be pumped through a 500 kilometre pipeline, built with Chinese help on a budget of 1 billion U.S. dollars.
The news comes amid difficult times for the world oil market with high prices and fears of a supply shortage.
Saturday’s shooting attack in Saudi Arabia, in the eastern city of al-Khobar, where many oil companies are based, has added to fears of higher oil prices.
However oil experts say the attack, in which at least 17 people were shot dead, is unlikely to affect oil supplies.
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