Puntland Government in northern Somalia once again reiterated it has a full right to exploit large reserves of oil and natural gas as enshrined in Provisional Federal Constitution on Monday.
Speaking at a press conference in Bossaso port City, Puntland Petroleum and Minerals Agency Director Isse Mohamud Farah (Dhollowaa) said Federal Government of Somalia’s recent comment on regional oil deals is provocative and could worsen the already strained bilateral relations between Mogadishu and Garowe.
“As you know, Somalia Federal Government [more recently] talked about oil and gas issues. I hereby tell you that [Federal Government] erroneously raised the matter and the remarks disclosing regional governments can’t strike oil agreements with foreign companies don’t comply with both Puntland and Federal constitutions,” Dhollawaa said, referring to powers delegated to Federal states in accordance with article 55 of Provisional Federal Constitution. Moreover, he noted that Puntland suspended cooperation with Mogadishu-based Federal Government and such comments might deepen political dispute.
Puntland previously rebuffed the return of Anglo-Dutch oil company, Shell PLC, accusing Somalia Government of undermining national unity.
UN Monitoring Group on Somalia and Eritrea warned in 2013 confidential report that Western commercial oil exploration may spark new conflict in Somalia: “These inconsistencies, unless resolved, may lead to increased political conflict between federal and regional governments that risk exacerbating clan divisions and therefore threaten peace and security,” the UN report noted.
The debate over natural resource management continues to gain moment in Somalia as weak central government in Mogadishu has locked horns with federated states.
I think bandy will get off the hook like always. I feel we will be talking about puntland and Georgia for the next 12 months with no activity or cash by them. tempted to sell my holding here and move on but again bandy gets away with it
It would make sense to push for the Egm either immediately before or after the AGM, petroneft did something similar recently when a major shareholder tried to oust the board....whilst they failed that was due to large institutional investors and because meraculously. On threat of revolt the board pulled off an amazing deal for the company. Most if RMP major shareholders are private investors and I doubt bandy will pull anything out the bag of his own doing, ie not inc Georgia or puntland.......so let's push for Egm around Agm with full vote on GB.
Maybe in the meantime Greg could make a sizeable share purchase himself to show he believes in his own work. Compare him to NIPT CEO,who has share options at 10p, but only when the share price stays above 50p for over thirty days....a man who puts his money where his mouth is...on his performance.
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