Tuesday, September 24, 2013

Somalia's oil and gas potential and Somalia Economy

Since a war broke in 1991, Somalia has suffered from successive years of political unrest and violence, inauguration of an internationally recognized government under the leadership of President Hassan Sheikh Mohamud, SOMA OIL AND GAS, a UK based company, has taken its first step in an oil deal agreement with the new Somali government. According to SOMA, which has been recently established  and headed by a former British cabinet member, Somalia has a great potential in gas and oil industry. Like the East African countries of Tanzania and Kenya, SOMA has invested more than US$20 million in the exploration for Somalia's oil and gas potential. The stabilization of a central government in Somalia gains international support. International agencies are building and engaging with a new government system which is in nature similar to other democratic countries. A new government of Somalia led by President Hassan Sheikh Mohamud is an academic, engineer, and an educator. He has the great aspiration in rebuilding his country from a "failed" to "emerging nation".
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