President Mohamed Abdullahi Farmaajo has canceled the agreement that Somalia signed with a United States firm for oil and gas exploration.
A communiqué from the Villa Somalia dropped this bombshell just a few moments after the Ministry of Petroleum and Mineral Resources announced it.
While nullifying the agreement, President Farmaajo’s office called the deal a contravention of the Presidential Decree of 07/08/2021.
Last year, President Farmaajo issued a decree banning the signing of deals between the government and foreign corporations until Somalia completes its elections.
Currently, Somalia is holding elections for federal parliamentary seats.
The parliamentary polls are scheduled for completion on February 25.
Thereafter, the East African nation would be holding presidential elections. Farmaajo could be one of the candidates for the upcoming presidential polls.
Engineer Abdirashid Ahmed announced the seven oil and gas exploration agreements between Somalia and Texas-based Coastline Exploration Limited on February 19.