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Statement in full courtesy of Trustlie.
Date: September 25, 2023
To: The Public and All Concerned Parties
Subject: Clarification on Meeting Between HE. the President and Caltech Trading Corporation
Dear Citizens and Stakeholders,
We wish to address recent claims circulating in the media regarding a meeting that took place on the sidelines of the United Nations General Assembly between the President of the Republic of South Sudan and representatives from Caltech. These claims suggest that the government has finalized a $3 billion deal with Caltech. We would like to clarify the situation to provide accurate information to the public.
During the meeting between the President and Caltech, discussions did take place regarding potential investment opportunities in the Republic of South Sudan, with this being a courtesy meeting with H.E. the President. Discussions between the Minister of Finance and Caltech have been ongoing since August 2023, exploring various potential areas of cooperation. However, it is important to clarify that as of now, no formal agreement has been signed between the parties. The government of South Sudan remains committed to transparent and accountable processes in all its engagements, and any developments in this regard will be communicated to the public in due course. Therefore, it is important to emphasize that no final agreement or deal has been reached at this time.
The Government of South Sudan follows a transparent and thorough process when engaging in significant investment agreements. Any such agreements would require careful consideration, including legal and financial due diligence, as well as approval from relevant government bodies. As this has always been the standard procedures when engaging potential investment partners. As of now, no commitments have been made.
We understand the importance of providing accurate and timely information to our citizens and the international community. Therefore, we assure you that any developments related to this matter will be communicated through official channels in accordance with our nation's transparency and accountability standards.
In the meantime, we encourage the public and all concerned parties to rely on verified information from official govemment sources for updates on this matter. Speculative claims can lead to misunderstandings and confusion, and we are committed to ensuring that the people of South Sudan are well-informed about matters of national significance.
If that were the case, surely they’d have come up with something a little more credible. No doubt there’s lots more twists & turns to come!
Telegraph it could have been a negotiation ploy to turn the heat on for a better deal who knows at this point you got to remember the old production sharing agreements have all expired so they are clearly looking for more generous terms perhaps this little saga was design to achieve that
Either way, are we sure having the S Sudan state as a de facto business partner is still a good idea?!
Confirmed no deal with caltech and breathe……………
No final deal
https://x.com/patrickheinisc1/status/1706371638315364628?s=46&t=bdVeLrGB139mDog1SFRNlw
Ministry issuing the statement correcting entity name and title
https://x.com/patrickheinisc1/status/1706365689638924499?s=12
Tone has changed from a deal to discussion a “US company that held discussions with members of the South Sudan delegation on the sidelines”
Gently slow walking it back obviously they are not going to outright say that they didn’t do the right due diligence.
But interesting chose of words the word deal has been replaced by discussion
Thanks for that. I’ll sleep better.
Energy voice backtracking
https://www.energyvoice.com/oilandgas/africa/536054/savannah-competition-petronas-purchase-south-sudan/
I’ve never wanted to be more wrong. Tomorrow maybe we will find out. Sleep tight everyone. What will be will be.
I'm surprised they didn't do the announcement at the shopping mall .... specifically at the UPS branch where the company is registered.....it would have been a short drive. I'm sure Mo Malik...Malique maybe he has an alias cos his LinkedIn and website bio seems different. Where's the money coming from I've no idea but doing business this way will I'm sure see Kiir benefit rather than his people and that's why I'll tip my Black Stetson to AK and sell my stock as soon as I can.
If this is just ‘fake news’ SAVE would have had rns’ed by now. They have had the whole afternoon. Sadly I do think we have perhaps lost the deal. If we haven’t, I’m not sure we will get it in the end.
But as per Rockys update petronas never knew anything about it and besides there is usually a termination fee if the termination is not mutual meaning that savannah would get a break clause fee if they were bypassed unless they both agreed mutually to terminate
Gooseman - I follow your logic - I wonder how much we would have had to pay if the deal had closed today?
Surely Petronas are in breach of contract if they dump Savanah for Caltech at this late stage. They can't have been negotiating this long without something in writing, like Heads of Agreement.
Jimzim, they can string it out for another 6-12 months and there won't be any money to change hands - job done!
I reckon Caltech is really a front, shell, and behind that are friends and family of the President. Still can't see where all the cash is suddenly going to appear from, however.
I agree, komakino. "rum do" doesn't begin to do it justice.
CYB, what's a 'invement' deal? Headline isn't even spelt correctly. Something odd going on with all of this for sure.
Mr. B Caltech is not some latter day Perenco. It's just a front. They'll get paid of with a few grand. Likely someone in the government reckons they can run the business themselves.
What a rum do.
It's on the SS Ministry of Foreign Affairs website here:
https://mofaic.gov.ss/south-sudan-concludes-multi-billion-oil-sector-invement-deal-with-us-firm/
Just checked - the page and post on the so called deal has been deleted.
Apparently the SS Facebook page has been deleted
Hard to understand what's going on but i guess we'll find out pretty soon.
The F/b page of the office of President says he met an American Co 'ready to invest'.
Then says finalized a $3b deal of which $1250m is for paying Petronas - but is it still formal ?
Caltech say they are ready to begin formal procedures for the takeover .
In the next 2 months deliver $800m to S.Sudan - is that after they pay Petronas ?
As some posters on the page ask - it's the president & finance minister in the photos but where's the oil minister ?
Kiir was in New York for attending the 78th UN gen assembly - home yesterday.
He's also met the UK and pother governments on the sidelines. So seems pretty quick on any deal with a little if any known so callled oil Co.
Why is a US company using our terminolgy of 'projects that matter' ? coupled to what actual oil experience have they ? (Website is woeful about what they supposedly do and doesn't even give a contact address that i can see).
What about ESG if that matters to Caltech or S.Sudan?
What about Chinese & Indian Cos re new partner ?
Cash supposedly for Government & roads etc but where's the balance compared to a known oil company thats prepared to invest in energy and electricity/power for the country as equally important ?
If the deal has been going on since August 22nd - one month ago and the deal with SAVE fell apart becuase the goverment disaproved of SAVE - it seems peculiar that we have heard nothing from SAVE if true and if they are unaware of that til now.
Why does that make Caltech a better bet for the government in terms of experience etc
I wonder is Caltech all it seems ?
I’d find Top Tips section in Viz more helpful than broker notes on SAVE