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Somali President signs the Petroleum Law for Oil Exploration

By Tajuddin
In BUSINESS
Feb 8th, 2020
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President of the Federal Republic of Somalia, Mohamed Abdullahi Mohamed “Farmaajo”,

Mogadishu (Diplomat.so) – On Saturday, President of the Federal Republic of Somalia, Mohamed Abdullahi Mohamed “Farmaajo”, signed in his office at the presidential palace in Mogadishu, the National Petroleum Law, after being approved by a majority of the People’s and Senate’s assemblies.

The new law aims to give international investors a great opportunity to invest in Somalia, which has recovered economically and securityly after internal fighting that destroyed the central government structure and its institutions.

Somalia intends to contract with foreign companies to extract its mineral and oil resources on land and sea, so that the country will be an oil exporting country, and it is well known for its dense quantities of bananas, fish and livestock.

Somalia, which is currently a failed state due to poverty and administrative and financial corruption, but President Mohamed Farmaajo made every effort to raise the country’s position internationally to exempt from the accumulated debts in the rule of the ousted dictator Mohamed Siad Barre.

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