Somaliland is optimistic that a search for oil by Genel Energy Plc, run by former BP Plc Chief Executive Officer Tony Hayward, will find commercial quantities of crude, Mines and Energy Minister Hussein Abdi Dualeh said.
Bollore SA, an investment company controlled by French billionaire Vincent Bollore, is competing to expand its African unit to operate five more port terminals and is eyeing similar growth in Asia and Latin America.
Somaliland’s central bank will begin exchanging 7 billion Somali shillings ($4.37 million) of notes for its own currency next month as part of a plan to stop using the Somali currency in the autonomous region by mid-June.
The central bank of Somaliland, a breakaway republic in northern Somalia, expects lawmakers to enact a draft banking law by June, enabling commercial lenders to extend credit to borrowers for the first time.
Somaliland, the semi-autonomous region in northern Somalia, expects to conclude a project- sharing agreement with Ophir Energy Plc, amid efforts to develop the territory’s potential oil deposits, an official said.
Somaliland plans to step up efforts for international recognition on expectations that a referendum on independence in Southern Sudan will aid its campaign for statehood, Foreign Minister Mohamed A Omar said.