GodeyNews: News and Information About Somalia.

GodeyNews.com
......News and Views From Around the World
.
.

Home | Submit News | Forum | Contact

Welcome!

Main Menu

Somali Links

BBC
11:00 - 11:15
14:00 - 15:00
18:00 - 18:30

•Afdheer.com
•Allpuntland
•Dhanaan.com
•Doollo
•Faafan.com
•GedoNet.com
•GodeyOnline
•Halgan.net
•Hiiraan.com
•Jijigawe.com
•markacadey
•Ogaden.com
•Ogadennews
•OgadenSun
•PuntLandPost
•Qabridahare
•Qalaafe.com
•RadioFana
•Somaliwide.net
•Somalitribune
•Somaliweyn
•S/galbeed.com
•SomaliHerald
•SomaliTech
•Somalistate
•Wabishabeele
•Wardheer
•XamarNet
•Xaajo.com

�

Other Links

•Al-jazeera
•IrinNews
•Reuters
•Guardian
•The Times
•WashtonPost

•Aflax
•Al-Islam
•IslamCity
•IslamicFinder
•IslamOnline
•IslamWay
•Mpacuk.org

Reuters

New minister to sign petroleum development agreement

The new Minister of Mines, Alemayehu Tegenu, will sign a petroleum exploration and development agreement with the Malaysian company, Pexco, on Tuesday. The agreement will enable the company to prospect for crude oil in the Ogaden basin in the Somali Regional State.

Pexco asked the Ethiopian Ministry of Mines for a block covering an area of 20,00 square km of land in South Ogaden where it plans to explore and develop peteroleum resources. After evaluating the company's proposal the ministry of Mines forwarded it to the Council of Ministers. Two weeks ago the Council approved the oil exploration license. Alemayehu Tegenu, who replaced the former Minister of Mines, Ambassador Mohamoud Dirir, will meet exectives of Pexco who will arrive in Addis Ababa tomorrow.
The company will pay a one million dollar signature bonus payment to the ministry. It will also present a five million dollar bank guarntee to the ministry. The Ogaden basin is one of the most prospective areas in Ethiopia. Recently, another Malaysianm company, Petronas, took three blocks in Oganden. Petornas and the Ministry of Mines signed a petroleum exploration and development agreement last July. The exploration areas cover an area of 36196 square km at Walwel and Warder, 30,611 square km at Kelafo and 25,571 square km at Genale. The agreement is valid for twenty five years.

Source:The Reporters

PRINT THIS ARTICLE

�Godeynews.com

>>Warar kale / More News