(Bloomberg) — Senegal’s authorities arrange a fee to look at natural-resource contracts awarded to international traders and set up whether or not they adjust to the West African nation’s legal guidelines, Prime Minister Ousmane Sonko mentioned.
The panel, together with oil, mining and tax specialists, will evaluate the offers and decide whether or not there’s a have to revise them, Sonko mentioned in a remarks broadcast on state tv within the capital, Dakar, on Monday. President Bassirou Diomaye Faye made an overhaul of natural-resource contracts a precedence when he was elected in March.
The committee will “reexamine the agreements and rebalance them to match Senegal’s pursuits,” Sonko mentioned. “The thought was by no means to tear up the contracts and even to nationalize these assets as some have instructed, however to ensure they observe Senegalese regulation.”
Senegal turned an oil producer earlier this yr with the beginning of manufacturing on the offshore Sangomar discipline operated by Woodside Vitality Group Ltd. The nation expects the primary fuel from the $4.8 billion BP Plc-operated Grand Tortue Ahmeyim discipline within the fourth quarter of this yr.
“We intend to look at the shortcomings, weaknesses and different imbalances within the implementation of those contracts to determine the necessity to revise them,” mentioned Ibrahima Diop, the top of the fee.
