The President of the Federal Republic of Somalia, H.E Mohamed Abdullahi Mohamed Farmaajo, has signed the Petroleum Bill into law following the approval of the two Houses of Parliament who have after valuable deliberations finalised the legal framework for its implementation.
The President pointed out the significance of this landmark law for the Somali people and to the State which will be instrumental for guiding the rights of citizens to fully benefit from the abundance of resources in our country.
In addition, the implementation of the Petroleum Bill demonstrates to international investors the commitment of the Somali Federal Government and its people to achieve their vision for stability and to move forward to the direction of prosperity and development.
“The Petroleum Law demonstrates the capacity of the Somalian people to unite in a historic effort to work together to build an equitable, prosperous and peaceful nation,” H.E Farmaajo said.
President Farmaajo thanked the Speakers of the House of the People and the Upper House, lawmakers, the Council of Ministers, and all Somali experts for their holistic role and efforts in helping contribute to make this Bill into law.
The new law also guards against the misappropriation of our resources, corruption and foreign exploitation.
The Petroleum Bill signed by the President of the Republic is based on the country’s Petroleum and Mineral Laws, the Constitution and the Convention on Trade, Management and the sharing of natural resources agreement signed in Baidoa on 6th June 2018.
Mogadishu, February 08, 2020.