Good Company

Good Company
Good Company

Tuesday, August 28, 2007

Somalia: Puntland's oil rights?

Interesting headline: Somalia: Puntland Insists it Has the Right to Manage its Oil Wealth:
Administrators of the semi autonomous province of Puntland in northeast Somalia stated that they would never abide by Somalia's parliament debate results over Puntland's oil deals with foreign firms.

The regional president, Adde Mussa, told Shabelle that his administration would not accept any results from Somalia's parliament if it would harm Puntalnd's natural resources rights.

Two years ago, the Puntland government signed a lucrative deal with Australia's Range Resources, giving the company exploratory rights to minerals and oil reserves in region. The clause in the interim government's oil bill nullifying any post-1990 deals would automatically cancel that deal and others being negotiated.

Puntland officials say they are concerned that the bill will divert power and potential wealth away from the region.
It just gets better and better in Somalia.

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