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Tuesday, December 10, 2013
The Somaliland government struck its first major oil deal this November, signing a contract with Anglo-Turkish company, Genel Energy, to explore and develop oil and gas reserves.
Genel Energy becomes the first foreign investor to commit a significant amount of capital to the country’s energy sector.
Traditionally, Somaliland’s economy has depended on livestock, with a population three times the 3.5 million civilian population.
The territory’s unconfirmed legal identity has made it ineligible for financial support from the International Monetary Fund and World Bank and limited its economic prospects.
Few insurance companies are prepared to cover foreign investors in Somaliland. /IPS (END//2012)