Somalia agrees revenue sharing

Issue 372 - 29 Jun 2018 | 1 minute read

The federal government and federal states have agreed draft oil and mining regulations covering ownership and revenue sharing but Somalia is still a long way short of finalising the regulatory conditions needed for exploration to start. The framework authorises the Ministry of Petroleum and Mineral Resources to issue permits and manage petroleum and mining activities, but the Petroleum Law, which was updated in 2016, still needs to be ratified by parliament before any production-sharing agreement can be negotiated with the ministry.

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