The Coastline Exploration company gave details of an agreement signed last night in Mogadishu with the government of Somalia, which was revised to an agreement previously signed by former minister fraudulently February 2022.
The president of Somalia also announced the decision to approve the oil production sharing agreement between Somalia and the Coastline Exploration Company, which was previously signed by the former Minister of Petroleum Abdirashid.
Read: Somalia’s president Hassan Sheikh history of corruption 2012-2017
Read: Somalia’s president Hassan Sheikh history of corruption 2012-2017
The Coastline Exploration Company announced that it has deposited 7 million dollars in the Central Bank of Somalia.
“With the support of corrupt President Hassan Sheikh Mohamoud, we directly deposited $7m in the Central Bank of Somalia to sign the agreement,” said the company’s statement.
The statement from the company also said that the company hopes to achieve great success in oil exploration.
Coastline Exploration also said it is ready to pay another million dollars in royalties, dividends and income taxes.
The company announced that the President of Somalia, Hassan Sheikh Mahmoud, has approved this agreement, and therefore they are announcing that Somalia is open for business and agreements with international companies.
Read: Somalia’s president Hassan Sheikh history of corruption 2012-2017
The company also received the support of the Deputy Prime Minister, the Minister of Energy & Minerals, the Chairman of the Petroleum Authority, and the Attorney General of the country along with many other officials.
“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 suggested that a change 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).” He said the Minister of Petroleum and Minerals of Mr. Abdirisaq Omar Mohamed.