President Kiir (middle), Finance Minister Dr. Bak (right) and Chief Overseer of Caltech Trading Corporation. (Office of the President).

The Minister of Finance and Planning has denied his earlier statement that South Sudan reached a formal agreement with a U.S.-based company for a 3-billion-dollar investment in the country’s oil sector.

Last week, Dr. Bak Barnaba told the state-owned television, SSBC that the agreement with Caltech Trading Corporation was in preparation since last month.

The Facebook page of the Office of the President also quoted the Minister of Finance as saying: “The 3-billion dollar agreement will give an opportunity for South Sudan to grow its oil sector.”

Dr. Chol said the U.S.-based firm will buy shares of Petronas for 1.2 billion dollars while the other 1.8 will be reserved for budgetary support.

“We have been into this deal since August 22^nd we finalized signing a timesheet in early September and he promised to meet our President, and today he met our president,” said Bak, who accompanied President Kiir to New York for the UN General Assembly.

“The total amount of the deal is 3 billion divided into 1.8 budgetary support and 1. 2 for Petronas shares.”

“We are so excited that this deal has succeeded by having a formal agreement with the president and his work of commitment to achieve, finalize and realize the results of the deal.”

But in a press conference in Juba on Monday, September 25, the minister retracted his earlier statement, saying the meeting of President Kiir and the leadership of CalTech was just an introduction.

Dr. Bak emphasized that the meeting was not to sign a deal.

“This is a company that is well renowned with a history of business and reputation in dealing with businesses all over the world, and that introduction was taken to the Media differently,” said Dr Bak.

“People started saying we have signed an agreement with Caltech which they did not even see themselves because there were no papers or initials from our side and Caltech’s side,” he said.

“This was just a brief meeting between a cooperation that is interested in investing in South Sudan and the head of state opening his arms to more cooperation and more diplomatic ties with government, financial or business entities all over the world.”

“Our President was too open to the American-based companies, to the American government and to other heads of state that came to New York he [President] met several of them not only Caltech.”