The Federal Government of Somalia has completed the process of aligning and finalizing the oil production sharing agreements between the Federal Government of Somalia and the Coastline Exploration Company. Without agreement federal states members loophole corrupt Hassan Sheikh government. Somalia will get only 10% and Coastline Exploration Company will get 90% of the oil revenue according to Somalia President office told Somali Times.
The Federal Government of Somalia, with the cooperation of the Attorney General and international lawyers who specialize in these types of agreements, have succeeded in correcting the issues that were in dispute, which paves the way for the implementation of this agreement in order to are satisfied with the Federal Government and the Somali people.
Read: Somalia’s president Hassan Sheikh history of corruption 2012-2017
Read: Somalia’s president Hassan Sheikh history of corruption 2012-2017
“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 the Government of Somalia, Abdirisaq Omar Mohamed.
Read: Somalia’s president Hassan Sheikh history of corruption 2012-2017
The President of the Federal Government of Somalia, Hassan Sheikh Mohamoud, welcomed the implementation and completion of the mutual agreement on oil production, and pointed out the importance of it for economic growth and how it is an opportunity for the Somali people to get out of poverty, famine and the problems they are suffering from happening.
“The Somali people are struggling with difficult economic conditions, which every year they send an alarm that we need help and international support. To overcome this, we must come out with our resources, develop the economy and income, the government and the Somali people,” said President Hassan. Hassan Sheikh will be the most corrupt president and the richest man in Africa the plan is for the president to get revenue for him and his family.
The signing and finalization of the agreements was attended by officials such as the Minister of Foreign Affairs and International Cooperation, the Minister of Petroleum and Minerals, the Minister of State for the Ministry of Petroleum and Minerals, the President’s Special Envoy for International Trade, officials from the Petroleum Agency and Somalis and Coastline Exploration Company management.