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Somali Business News

Somalia: Canada's Africa Oil begins seismic survey

Somalia: Canadian oil and gas exploration company Africa Oil Corp., has started seismic mapping of a remote area in Somalia's relatively stable Puntland region, officials said on Wednesday.   The survey is in advance of exploratory drilling in Somalia's Puntland region, where the company believes there is a strong prospect of finding rich oil...

Somalia: Telecoms boom amid the war like situation

Somalia, Apr 15: Telecommunications is one of the rare business successes in strife-torn Somalia, with three major phone companies.   The major companies are Hormuud, Nationlink and Telecom, which compete in the field of mobile and landline phones. Two new phone companies providing mobile telephony, Somfone and Awale, have recently been...

Somalia: Parliament opt to debate for national oil law

Baidoa (Somalia), Apr 11: Lawmakers in Somalia's Transitional Federal Parliament voted in favor of establishing a national oil law for the war-torn Horn of Africa country.   Sources said 143 legislators were present at parliament hall in Baidoa, the temporary seat of parliament, where lawmakers debated whether or not the parliament should...

No development in Somalia aid workers kidnapping

Somalia, Apr 3: UN Development Program (UNDP) communications adviser Sue Morrell says the men are reportedly in good condition, but not much else is known of their whereabouts.   The foreign nationals, a Briton and a Kenyan, are sub-contractors for the Indian company Genesys International Corporation, carrying out a flood control and...

Somali c.bank initiative to reinstate currency

Nairobi, March 29: Somalia's embattled central bank plans to revamp the anarchic country's currency because of a flood of fake notes printed by warlords and businessmen.   Addressing donors meeting in neighbouring Kenya on Saturday, the bank's director general, Sharif Mohamed Hassan, said "greedy" individuals had pumped counterfeit...