HOUSE OF REPRESENTATIVES VOTED FOR THE MINERAL AND PETROLEUM...

HOUSE OF REPRESENTATIVES VOTED FOR THE MINERAL AND PETROLEUM RESOURCES DEVELOPMENT ACT OF PUNTLAND

http://www.puntlandgovt.com/en/currentissues/information/current_issues_more.php?id=701

Saturday, 22-Mar 2008

Garowe,Puntland:The Mineral and Petroleum Resources Development Act of Puntland State of Somalia was passed today Wed 18, 2008 by the members of the House of Representatives.


This Act was presented by the Ministry of Energy and Mineral to the house of representative, earlier this week, followed extended discussion, members agreed and selected a committees to look the act carefully and made their recommendation, after two days the committees tabled their recommendations to the members, and then the house voted in favor of the act.

This act underlines that, All minerals and petroleum resources existing in Puntland in their natural form are owned by the State of Puntland, being held in trust by the Government of Puntland on behalf of the community. As such, the management and administration of mineral and petroleum exploration and development in Puntland is the primary responsibility of the Minister of Energy and Minerals and the Licensing Authority empowered by this Act, The system also provides security of access to resources essential for large capital investments which are required for development to occur.

In this Act, The Government of Puntland will cooperate with the Transitional Federal Government and together they will formulate strategic policies to develop the mineral and petroleum wealth of Somalia in a way that achieves the highest benefit to the people of Somalia, The Government of Puntland will share revenues received in this Act with the Transitional Federal Government pursuant to agreements reached between both parties as to the percentage of shared revenues.

The Government of Puntland will also cooperate with the Transitional Federal Government to develop and restructure the minerals and petroleum industry of Somalia.

The Mineral and Petroleum Resources Development ACT Will encourage investment into the Puntland to exploit the vast Natural resources potential for development and to enhance socio-economic, financial and other benefits to the people of Somalia.