Somalia receives $ 1.7M in rent from Shell / ExxonMobil Companies

Mogadishu(SD)-Shel and ExxonMobil Companies with Oil wells in Somalia have after a long time begun paying rent worth 1.7 Million dollars to the federal government , according to the Ministry of Petroleum and Minerals.

Deputy Minister of Petroleum and Minerals Mohamud Abdulkadir Hilaal said the current money is in the hands of the central government of Somalia, and that the companies are ready to reclaim their role in Somali oil.

The deputy minister also discussed how the funds will be shared between the federal and regional governments, as they have already agreed on the sharing of resources in the Baidoa agreement.

“The administration of the funds will be based on a joint resource agreement signed between the Federal Government and the regional administrations,” said Deputy Minister of Petroleum and Minerals, Mohamud Abdikadir Hilaal.

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