Eritrean Petroleum Corporation Establishment Proclamation, No. 161 of 2008

The law establishes the Eritrean Petroleum Corporation as a legal person. The objectives of the Corporation are to undertake and engage in petroleum operations, including exploration, development and production operations and exploitation of petroleum resources and marketing of the same. The Corporation is given powers to; invest in activities of petroleum operations; enter into joint investment undertakings with foreign natural or juridical persons in petroleum operations in consonance with the petroleum operations laws of Eritrea; provide necessary services to licensed natural or juridical persons engaged in petroleum operations; acquire real properties and/or import necessary equipment, machinery or facilities; perform and implement whatever necessary and legitimate investments; among others. The Corporation is charged to carry out its duties with compliance to petroleum operations, environmental protection and labour safety. The law provides for the administration, management and composition of the Corporation. The Ministry of Finance has the ultimate authority of overseeing the financial performance and pursuance of the implementation and realization of the objectives of the Corporation.