The President Somali approved a new petroleum law, which aims to provide a regulatory framework that will help to attract investment in exploration by major oil companies and pointed out the importance of the law to the Somali people and government, as this law guides the rights of our citizens.

"This is a major step forward for the people Somalia and there Government as the President said in a statement on Saturday.

The President thanked the Speaker’s of the Federal Parliament of Somalia, the Cabinet, lawmakers and all Somali experts who took part in the effort to make this a legacy law.

The Petroleum Act passed by the President of the Federal Republic of Somalia is based on the country's Petroleum and Mineral resources, the Constitution and the Convention on Ownership, Management and the Natural Resources Sharing Agreement signed in Baidoa.