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Somalia refutes oil licensing reports, says yet to launch rounds

Storyline:Business, National News

Somalia has dismissed media reports the country has now launched the Oil  Licensing Rounds and Productions Sharing Agreements.

The Ministry of Petroleum said Tuesday the reports were inaccurate and that the rounds have not yet started.

“The Ministry confirms the Licensing Round has not been launched as reported but affirms it will be in the New Year, following the passing of the Petroleum Law, which is anticipated in the near future,” a statement from the Ministry read in part.

The development of the industry represents a great opportunity for Somalia to continue with the development of its political and social infrastructure, with healthcare and education as top priorities, the statement added noting officials announcement of the bid rounds will be made at the appropriate time.

According to a timeframe issued during the London Oil Conference in February, licensing of successful bidders was to be finalised in January 2020 but several of those  timelines have not been met.