Somali government approves deal with Coastline Oil Exploration Company

 The Somali Federal Government has announced its approval of the deal with the Coastline Oil Exploration Company after reconsidering the agreement between it and the company. The announcement came after President Hassan Sheikh Mahmoud received senior officials from the company at the Presidential Palace in the capital, Mogadishu.

A statement issued by the Somali presidency confirmed that five amendments were made in the deal signed in February 2022, and Mahmoud Mashrou, Minister of State for Petroleum and Mineral Resources, said that the amendments were made in accordance with legal advice from experts.

Moreover, Coastline Oil Exploration said that President Hassan Sheikh has expressed support for the company's planned oil exploration program. President Hassan Sheikh Mahmoud welcomed the implementation and achievement of the agreement on oil production, and pointed out its importance for economic growth and how it is an opportunity for the Somali people to get out of poverty, famine and the problems they suffer from.

“The Somali people are suffering from difficult economic conditions, which has led to an appeal being launched every year that Somalis need international help and support,” the president said. To overcome this, we must use our resources and develop the economy.”

Officials, including the Minister of Foreign Affairs and International Cooperation, the Minister of Petroleum and Minerals, the Minister of State at the Ministry of Petroleum and Minerals, the President's Special Envoy for International Trade, the Somali Petroleum Agency and officials from the Coastline Oil Exploration Company, attended the amendment and completion of the agreement.