The Federal Government of Somalia (FGS) has appointed a board and chairman to lead Somalia Petroleum Authority (SPA), a newly formed regulator.
Somalia’s Ministry of Petroleum and Mineral Resources made this announcement on Friday. The ministry announced that it had approved the selection of members for the board of SPA.
It also confirmed the appointment of Ibrahim Ali Hussein as the first Chairman of SPA. Hussein will also double as the regulator’s Chief Executive Officer (CEO).
The formation of the regulator together with the appointment of a board and chairman follows parliament’s ratification of the Petroleum Bill and law in February.
The revised law provides for the formation of a body that regulates the oil and gas industry in the Horn of Africa nation.
Hussein’s appointment is critical since he is an experienced officer who has served the ministry as its Senior Economic Advisor since 2014.
Abdirashid Mohamed Ahmed, the Minister of Petroleum and Mineral Resources, hailed the latest development.
He termed the formation of SPA and the appointment of a board and CEO as the “first critical milestone” in implementing the Petroleum Law.