Somali Petroleum Company
Encyclopedia
The Somali Petroleum Company (SPC) is a petroleum
exploration and production company in Somalia
. It was created by the Transitional Federal Government
of Somalia on 19 August 2008 in order to manage and develop Somalia's hydrocarbon resources.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
exploration and production company in Somalia
Somalia
Somalia , officially the Somali Republic and formerly known as the Somali Democratic Republic under Socialist rule, is a country located in the Horn of Africa. Since the outbreak of the Somali Civil War in 1991 there has been no central government control over most of the country's territory...
. It was created by the Transitional Federal Government
Transitional Federal Government
The Transitional Federal Government is the current internationally recognized government of the Republic of Somalia. It was established as one of the Transitional Federal Institutions of government as defined in the Transitional Federal Charter adopted in November 2004 by the Transitional...
of Somalia on 19 August 2008 in order to manage and develop Somalia's hydrocarbon resources.
Stakeholders
SPC is jointly owned by:- The Somali government: 51%
- PT Medco Energy InternationalPetronasPETRONAS, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company that was founded on August 17, 1974. Wholly owned by the Government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and...
of IndonesiaIndonesiaIndonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
: 24.5% - Kuwait Energy Company: 24.5%