Somalia ratifies petroleum law

Final stage in the legislative process paves the way for IOC investment

Somalian President Mohamed Abdullahi Farmajo ratified the country’s first petroleum law in the modern era in Mogadishu on Saturday. The legislative process, having earlier been approved by the upper and lower houses of the federal parliament, is now complete.    “The petroleum law demonstrates the capacity of the Somalian people to unite in an historic effort to work together to build an equitable, prosperous and peaceful nation. In supporting this law, our democratic institutions have renewed their commitment to work for all Somalis and advance the cause of continued reconstruction,” says Farmajo.  The law states that Somalia’s oil and gas belongs exclusively to its people and embeds a reve