MOGADISHU–President Mohamed Abdilahi Farmajo of Somalia has signed into law the Petroleum Act.
The President has pointed out the importance of the law to the Somali people and government saying this law guides the rights of our citizens to being a barrier to protect against corruption and foreign greed.
In addition, the implementation of the JFC Petroleum Act demonstrates to the int’l investors the commitment of the Somali government and the Somali people to achieve the vision of the country’s stability to jointly move forward to commonwealth progress.
President Mohamed Abdilahi Farmajo thanked both speakers of the Federal parliament of Somalia, the cabinet, lawmakers and all Somali experts who took part in the formulation of the law.
The petroleum act adopted by the president of the republic of Somalia is based on the country’s petroleum and mineral laws, the constitution, the convention and ownership management into the natural resources sharing agreement signed in Baidao.
Currently Somalia does not have any oil. However, says data has revealed potential for substantial offshore oil reserves that could transform the county’s economy.
The Somali government hopes the Petroleum law will help the restore the confidence of the giant oil companies like Exxen Mobil and Shell who once held large blocks from the 1990’s.