Mogadishu, The Federal Government of Somalia has concluded the process of aligning and completing the oil production sharing agreements between the Federal Government of Somalia and the Coastline Exploration Company, for the benefit of the country.
The Federal Government of Somalia, with the cooperation of the Attorney General and international lawyers who specialize in these types of agreements, succeeded in correcting the issues that were in doubt, which paves the way for the implementation of this agreement are satisfied with the government and the Somali people.
“We reviewed the agreements signed in February 2022, to correct the process and the provisions of the agreements. The Attorney General and international lawyers specifically proposed changes to be made in a few articles, in accordance with the laws of Somalia, which we succeeded. The amendments made to the agreements reached up to five articles, which are annexed to the agreements (deed of amendment of the PSAs).” The Minister of Petroleum and Minerals said.
The President of the Federal Republic of Somalia, H.E Hassan Sheikh Mohamud, welcomed the implementation and completion of the oil production sharing agreement, and pointed out its importance for economic growth and how it is an opportunity for the Somali people to get out of poverty, famine and the problems they are struggling with. .
“Somali people are struggling with difficult economic conditions, which every year they send an alarm and that we need help to the international support. To overcome this, we must come out with our resources, develop the economy and income of the government and the Somali people,” said the President.
Officials such as: the Minister of Foreign Affairs and International Cooperation, the State Minister of the Ministry of Petroleum and Minerals, the Special Envoy of the President for International Trade Affairs, and officials from the Petroleum Agency were present at the signing and completion of the agreements on Somalia and Coastline Exploration Company management.
Source: Somali National News Agency