Saturday, October 24, 2020

SPA appoints Independent Directors to Board representing Member States

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The Somali Petroleum Authority (“SPA”) announces the appointment of six Independent Directors to its Board, each representing a Member State and one Independent Director representing the Federal Government – following the approval of the Prime Minister and the Council of Ministers. Today’s announcement follows the appointment of Ibrahim Hussein as Chairman and Chief Executive of the SPA, representing the Federal Government, and is in line with the provisions of the Petroleum Law. The Board will oversee all the SPA’s activities to ensure that it develops a sustainable and competitive industry in the interests of all Somali people, in keeping with its mandate.

 The newly appointed Board Members to the SPA are as follows:

  • Asha Osman Ahmed, Vice Chair and Board Member representing Banadir Regional Authority
  • Ibrahim Ahmed Layte, Board Member representing Hirshabelle State
  • Abdulkadir Aden Mohamud, Board Member representing Galmudug State
  • Ibrahim Abdulkadir Mohamed, Board Member representing South West State
  • Ahmed Haji Abdi, Board Member representing Jubaland State
  • Abdihafid Ali Dirir, Board Member representing Somaliland State
  • Mahad Mohamed Sh. Hassan, Board member representing the Federal Government

There are nine positions on the Board of the SPA representing seven Members States and two representing the Federal Government. The Board focuses on the SPA’s long-term objectives and priorities to be one of the world’s leading petroleum authorities, promoting the development of a sustainable oil and gas industry. Specifically, the Board will ensure that the regulatory and fiscal regime being developed will apply the principles of equality, openness, accountability, transparency and non-discrimination in the interests of all the Somali people. The Board is committed to upholding the highest standards of health and safety for people in all activities relating to the exploration of petroleum in Somalia, as well as maintaining world class environmental standards. Moreover, the Board will work to maintain sound risk management, internal control systems and reviews on the efficacy of these annually.  The SPA’s commitment to good governance is based on clear roles and responsibilities in line with its core values:

  • Respectful and understanding of all our stakeholders

  • Operate to the highest standards of excellence and integrity

  • Be transparent and collaborative as a global citizen

  • Accountable and resilient in delivering for the Somali people

In June 2019, The Ministry of Petroleum and Mineral Resources announced details of the Petroleum Ownership Management and Revenue Sharing Agreement between the Federal Government and its Member States, which delivers by far the highest percentage of potential revenues from the industry to non-Federal institutions of any comparable agreement.  The structure of the Board, with seven of its nine members representing the Member States, will underpin the SPA’s commitment to develop the petroleum industry in the interests of all the Somali people.

 Commenting on the appointment Ibrahim Hussein, Chairman and Chief Executive, said: “We are very excited to welcome new colleagues onto the Board of the newly established SPA, as together we work to develop the country’s petroleum industry.  The structure of our Board will ensure that all the Member States are able to help shape the development of the industry in the interests of the whole country.  The SPA is committed to rigorous standards of corporate governance in order to achieve our goal of attracting international investment to maximize the economic recovery of the country’s oil and gas reserves. This will enable Member States to significantly increase investment in education, transport, agriculture and healthcare infrastructure.”

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This post first appeared on Allbanaadir.com. Read the https://www.allbanaadir.org/?p=167681original article

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This post first appeared on Allbanaadir.com. Read the https://www.allbanaadir.org/?p=167681original article