Sudan’s Deputy Prime Minister and Minister of Investment, Mubarak Al-Fadil, said Saturday that Sudan and neighbouring South Sudan will hold joint talks next week to discuss issues pertaining to development of oil production.

In a statement to the Sudanese News Agency (SUNA) after meeting the First Vice President and Prime Minister, Bakri Hassan Saleh on the occasion of Eid al-Adha in Khartoum, the investment minister said that his ministry has developed a plan to bring about the desired economic renaissance in the country.

"There is a lot of good news in the coming period, including bilateral talks next week with ministers from South Sudan to develop oil production and discuss ways to benefit from this production," he said.

"We have ongoing discussions with an American company and UAE companies to finance grain silos in Sudan with an amount of 700 million dollars, so there will be a meeting during the coming period with the ministers concerned to sign the final agreement,” he added.

Sudan lost three quarters of its previous oil production figure to South Sudan when the latter seceded to form an independent state in July 2011.

Land-locked South Sudan partially halted oil production after the outbreak of civil war since December 2013. Chinese companies dominate the oil sector in both Sudan and South Sudan.