Bitumen price in Somalia
Bitumen price in Somalia
In this article, we will discuss the economy of Somalia, its oil market and bitumen price in Somalia. According to CNBC News,
Somalia has asked the International Court of Justice in The Hague to determine the maritime border between Somalia and Kenya
to resolve the dispute over the right to explore and exploit oil reserves.As certified sources mention,
Somalia called for the Hague Tribunal to intervene to resolve the issue: “The diplomatic talks in which we exchanged views have failed to resolve this issue.”
moreover, Somalia declares one of the challenges posed by the dispute is the declining investment of
international oil and gas exploration companies off the east coast of Africa.Kenya recently issued bids for eight offshore areas,
seven of which are in dispute with Somalia.
As a piece of good news, oil exploration in Uganda and Kenya,
as well as gas reserves discovered in Tanzania and Mozambique, have made East Africa a special area for hydrocarbon exploration.Furthermore, Kenya, Uganda and Rwanda
have consulted to oversee the feasibility study and preliminary design of the 1,700-kilometer pipeline to transport oil to the coast of Kenya.
however,
A closer look at Somali economy and somalia bitumen price
The Somali economy has been severely damaged by the civil war and its aftermath,
but the private sector is still recovering. Somalia’s tourism facilities do not currently exist.Since the fall of the government,
Somalia has become a free market economy in “scientific socialism.”
Besides, Somalia has grown exponentially due to the negligence of the “international community”.In fact, in Somalia,
“the absence of government helped to cultivate a strange African way of doing things – an efficient and reliable
business sector that did not publicly reveal its control over corrupt officials.Organizing the communications,
transportation and shipping companies to serve the private sector Internet cafes have grown exponentially in Mogadishu,
and private security companies provide services to traders to protect their capital and assets.
As a matter of fact, a recent World Bank study acknowledges that “Somalia has exaggerated its
announcement of extreme poverty rates and, in some cases,
has a better infrastructure than the richer African countries.” The obvious reason for this is that the bank has not spoken to the central
government under its subsidy support in plundering national wealth.
Meanwhile,
In short, a major problem that negatively
affects economic growth is instability or the perception of its existence. To do business, there must be a certain level of security,
and more importantly, there must be a well-known international government that relies on the
traditional ethnic leaders who still control Somalia
and its oil and bitumen market.
