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Somali parliament passes petroleum law

The Somali parliament on 20 May passed the long-awaited petroleum bill, paving the way for the government to award petroleum licences. A statement from the Ministry of Petroleum and Mineral Resources said the new law was based on the previous law, passed in 2008, with amendments to update certain provisions including a petroleum revenue-sharing agreement setting out how future revenues from the development of the petroleum industry will be shared between the federal government, the country’s six constituent member states and local communities.

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