• Sun. Apr 21st, 2024

Senegal’s New President Promises Review of Resource Agreements to Benefit the State

BySamantha Nguyen

Apr 4, 2024
Senegal’s Economy Set to Soar with Enhanced Oil and Gas Deals before Launch of Greater Tortue Ahmeyim LNG and Sangomar Field Operations

The newly elected President of Senegal, Bassirou Diomaye Faye, has announced plans to review agreements signed with oil, gas, and other resource companies to ensure that they are optimized for the benefit of the state. The government will conduct an audit of the mining, gas, and oil sectors with the goal of strengthening local content protection for the national private sector. Faye emphasized that the exploitation of natural resources, which belong to the people according to the constitution, will be a key priority.

Senegal is on track to open two major projects in its growing industry: the $4.8 billion Grand Tortue Ahmeyim liquefied natural gas project and Sangomar oil development. These projects have faced delays but are projected to drive economic growth by more than 8% in 2024 and over 10% in 2025. Despite these plans for greater control, Faye reassured foreign investors that Senegal welcomes their contributions. He stated that Senegal remains open and welcoming to all partners and friendly countries, and will continue to nurture these relationships while focusing on optimizing agreements in the oil, gas, and mining sectors for the benefit of the nation.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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