File Photo Somali Times/Somalia’s President Mohamed Abdullahi Farmajo
Somalia’s President Mohamed Abdullahi Farmajo have publicly rejected an oil revenue sharing deal signed by the Petroleum Minister Abdirashid Mohamed Ahmed and coastline exploration.
On Saturday, Petroleum Minister Abdirashid Mohamed Ahmed announced that Somalia had signed a production sharing agreement with Coastline Exploration Ltd (‘Coastline’), a US firm in Texas, to begin work on seven offshore oil blocks.
The statement said the accord with Coastline, an upstream oil and gas company focused on East Africa but based in Texas, is the result of recently completed seismic programmes – studies on potential of the oil or natural gas presence. This indicates that Somalia has the potential to become a significant oil and gas producing country.
The Minister of Petroleum the agreement was penned on the 15th of this month and that the Somali government will receive the signature of $ 7million which deposited in the private bank own by minister and his daughter, according to Somali officials told Somali Times. Sources add minister Abdirashid has been stealing public fund since he become minister of Petroleum.