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Slideshow South Sudan says oil pipeline via Kenya to cost $3 billion Tweet Share this Email Print Related News South Sudan to survive without oil exports: deputy finance minister 9:40am EDT Analysis & Opinion The U.S. needs to walk the walk on African security The coming glut in oil â€“ and its impact Related Topics World » By Kelly Gilblom NAIROBI | Fri Aug 10, 2012 11:16am EDT NAIROBI (Reuters) - A pipeline allowing South Sudan to export its oil via the Kenyan port of Lamu, freeing the landlocked country from reliance on a route through Sudan, will cost $3 billion, Finance Minister Kosti Manibe said. Manibe said that although South Sudan did not have the money to pay for the pipeline's entire cost, the newly independent country would invest in the project and had the necessary reserves of crude to offer guarantee to any financiers. "The 2,000 km pipeline will cost approximately $3 billion dollars," he told a news conference in Nairobi on Friday. "We don't need to have the money right now, we have the reserves," he said. "South Sudan will definitely have equity in the pipeline," he added. Officials expect construction on the pipeline will begin by June 2013 and last two years. They said it will be able to transport between 700,000 barrels and 1 million barrels of Southern Sudanese crude per day. South Sudan has 7 billion in proven reserves, the country's energy minister Stephen Dhieu Dau said. South Sudan seceded from Sudan last year and the two countries have disagreed over how much the Juba government should pay to transport its oil output through Sudan. They reached an interim deal last Friday, ending a row that led to the shutdown in January of southern oil production of 350,000 barrels per day. Oil is essential to both economies and made up 98 percent of South Sudan's budget. China was the biggest buyer of South Sudanese oil before the shutdown, and Chinese state firms are the biggest oil operators in the world's youngest country. In January, South Sudan signed an agreement with neighboring Kenya, the region's largest economy, to build the pipeline to connect its oil fields with Lamu, which is under construction. The pipeline could also transport crude from Kenya's Turkana area, where British explorer Tullow Oil found oil deposits in March should they be prove to be commercially viable, said Kiraitu Murungi, Kenya's energy minister. "We believe from the indications that we've been given that we if we are lucky we might have as much oil as (South) Sudan. Any extra that we don't use in the country we are going to put in the same pipeline as the Sudanese oil and export it through the port of Lamu," said Murungi. Murungi said the country is also planning to build a second refinery in the northeastern town of Isiolo to produce up to 100,000 barrels per day and refine crude from Turkana. Kenya already has another refinery near the port of Mombasa, processing 1.6 million tonnes of crude a year. (Writing by James Macharia; Editing by Stephen Powell) World Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) Ashishnfl wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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