5 Multi-Millionaires From Somalia You Should Know

Somalia, a failed state in East Africa, has an extremely hostile political and business environment. But its people, the Somalis, are...
Wednesday, October 21, 2020

Somalia appoints new oil and gas regulator ahead of round launch

Somalia has finally appointed a board and chairman to guide the new Somali Petroleum Authority, the challenge is now to attract suitors into the troubled Horn of Africa

- Advertisement -

The Somali Ministry of Petroleum & Mineral Resources has approved board selections for the fledgling Somali Petroleum Authority (SPA), appointing Ibrahim Ali Hussein as the regulator’s first chairman and chief executive officer ahead of the launch next week of a delayed licensing exercise.

The move follows ratification in February of a revised Petroleum Law, providing for a body to regulate oil and gas activity according to “principles of equality, openness, accountability, transparency and non-discrimination in the interests of all the Somali people”.

Having served since 2014 as senior economic advisor to the ministry, Ali Hussein has been a key player in pushing through the enabling legislation, organising the six-block offshore licensing exercise and over-seeing the maritime boundary dispute with Kenya.

- Advertisement -

Under the Petroleum Ownership Management & Revenue Sharing Agreement with the country’s component states, mineral and natural resources are vested in the Somali people and future oil and gas revenues must be shared between the federal government, the six constituent member states, and their local communities. Somalia presses ahead prematurely with licensing, but new constitution is needed

“Inauguration of the Somali Petroleum Authority represents a first critical milestones for implementation of the Petroleum Law (just) when the country is commencing exploration activities,” said Petroleum & Mineral Resources Minister, Abdirashid Mohamed Ahmed.

The SPA’s first objective will be to “ensure the fiscal and regulatory regime is internationally competitive to attract investment and we are encouraged by the level of interest already expressed in our first forthcoming licensing round, said Ali Hussein.

- Advertisement -
- Advertisement -

Stay Connected

148,686FansLike
1,872FollowersFollow
786FollowersFollow
18FollowersFollow
5,649FollowersFollow
2,902SubscribersSubscribe

SOMALI NEWS

October 14 tragedy: Why Somalia needs a national biometric system

By Thabit MohamedFormer Mayor of Mogadishu and Governor of Benadir Region
- Advertisement -

Trump Demands Plan to Pull Hundreds of U.S. Troops From Somalia

President Donald Trump has told top advisers he wants to withdraw U.S. troops from Somalia, according to people familiar with the matter,...

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

Alshabab Extremists release two Cuban doctors kidnapped in Somalia

The al-Qaida-linked extremist group al-Shabab has released two Cuban doctors who were kidnapped in Kenya and held for a year and a...

Somali National Army, Kenyan troops exchange gunfire at shared border

Somali and Kenyan troops engaged in a minutes-long firefight on Saturday at the two countries' shared border, local officials and witnesses said...

MORE NEWS

October 14 tragedy: Why Somalia needs a national biometric system

By Thabit MohamedFormer Mayor of Mogadishu and Governor of Benadir Region

Trump Demands Plan to Pull Hundreds of U.S. Troops From Somalia

President Donald Trump has told top advisers he wants to withdraw U.S. troops from Somalia, according to people familiar with the matter,...

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

Former Islington mayor Rakhia Ismail quits Labour party over racism

The UK’s first hijab-wearing mayor has resigned from the Labour party citing racism and a “system that allows white men to have what they...

Alshabab Extremists release two Cuban doctors kidnapped in Somalia

The al-Qaida-linked extremist group al-Shabab has released two Cuban doctors who were kidnapped in Kenya and held for a year and a...

Somali National Army, Kenyan troops exchange gunfire at shared border

Somali and Kenyan troops engaged in a minutes-long firefight on Saturday at the two countries' shared border, local officials and witnesses said...

IMF Reaches a Staff-Level Agreement for the First Review of the Extended Credit Facility for Somalia

September 24, 2020End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.

Trump won’t commit to peaceful transfer of power

US President Donald Trump has refused to commit to a peaceful transfer of power if he loses November's election.

Somalia’s Lawmakers Approve Roble ‘Swedish-Somali’ as New Prime Minister

The Somali parliament on Wednesday approved the appointment of Mohamed Hussein Roble as prime minister, less than a week after his nomination....

lhan Omar fires back at Trump over rally remarks: ‘This is my country’

Rep. Ilhan Omar (D-Minn.) on Tuesday night fired back at President Trump, who went after her at a campaign rally in Pennsylvania.

FEATURED POSTS

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

As Somalia chooses delegate voting system, outsider sees his chances rise

For most of the Somalia presidential aspirants the Nation has interviewed so far, the aspect of replacing an incumbent who has ‘failed’ in his...

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.