KEC signs Somali state oil firm deal |
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Kuwait, August 20, SPA -- Kuwait Energy Company (KEC) has signed a partnership agreement with the Somali government and Indonesia's PT Medco Energi Internasional 'Tbk' to set up a state oil firm in Somalia, KEC's chief executive said.
Under the terms of the agreement, the Somali government would own 51 per cent of the Somalian National Petroleum Corp (SNPC), while the rest will be divided between KEC and Medco, KEC's Chief Executive told CNBC ArabiyaCNBC Arabiya
television channel late on Monday. The new company will be responsible for oil and gas exploration, refining and petrochemical activities, Reuters reported.
© Saudi Press Agency 2008
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