October 31, 2012
Ankara-based oil firm Genel Energy has acquired a fuel search license
for the Somaliland region, Turkey's Hurriyet Daily News reported
Tuesday (October 30th). "Because of its similarities with the geographical structure of the Arab peninsula, it is strongly predicted that Somaliland, a region Genel Energy prioritises for its investment programme, has important coal and oil assets," Genel Energy said in a statement.
Genel Energy acknowledged that there are risks associated with investments in Somalia, but asserted that a recent World Bank report had deemed the region suitable for private investments. The company did not elaborate on the finances of the planned exploration
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