Dahabshiil Oil and Hass Petroleum sign Joint Business Venture Agreement

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THT-Under the agreement, Dahabshiil Oil, a subsidiary of Dahabshiil Group, took over a majority stake in the Hass Petroleum management and operations of the company.

The signing ceremony held in Hargeisa saw the attendance by senior officials from both companies, notable businessmen, government officials, and other dignitaries.

Dahabshiil Group Deputy General Manager Mr. Abdurrahman Ali Abdi explained the importance of the merger of the two companies and the role that Dahabshiil Oil will play in future operations.

He added, “Dahabshiil Group is comprised of the financial sector of banks, remittances, E-Dahab and the business sector including this part of the merged oil business with Hass Petroleum. Dahabshiil Oil, which was established in 2019, has in recent years brought a significant amount of fuel to the country. It has also been successful in establishing relationships with major oil companies, including Vitol, which has been instrumental in improving quality and lowering prices.

Based on these points, we have decided to work with Hass Petroleum, a company with knowledge and experience in this field, to benefit from their expertise in the Somali region and elsewhere. We have the financial resources to work together to provide the Horn of Africa with greater capacity than ever before, and this integration will increase knowledge, resources, and resources and improve the quality of the oil.

“The share that Dahabshiil Oil has bought from Hass Petroleum is a majority stake and it will be a share that will lead the management and operations to expand as Hass Petroleum’s management and staff will play their part as they have experience,” said Mr. Abdurrahman Ali.

Dahabshiil Group Chairman Mohamed Said Dualeh (Dahabshiil) said that Dahabshiil’s oil sector aims to be part of the world’s largest oil companies and stands to benefit from Hass Petroleum’s experience and knowledge.

“We aim to be like the seven companies in the world that have their own (Hass Petroleum) in East Africa and we hope they will let us go to Ethiopia when the time is right. We are better off merging these two companies for the benefit of the country and the people, and we will redouble our previous contributions, work better with the government and get more tax than the people get a job,” said Mr. Mohamed Said Dahabshiil.

Mr. Abdikadir Ahmed Hussein, CEO of Hass Petroleum, said that Mr. Mohamed Said Dahabshiil played a key role in the company’s founding and establishment in Somaliland and that they are now proud to be partners. In the future, prepare for the Ethiopian market,” said Mr. Abdikadir Ahmed.

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The Speaker of the House of Representatives of the Republic of Somaliland, Hon. Abdirizak Khalif Ahmed, pointed out that the merger of the two companies will enhance their capacity and role in the development of the nation. It is very viable and has been working for a long time. “Hass has played a key role in unifying Somaliland and the unification of the two companies is a great thing,” said Hon. Khalif.

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