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Angola: Government Formalises Petroleum Agreement With Equatorial Guinea
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Angola Press Agency (Luanda)
13 July 2008
Posted to the web 14 July 2008
Luanda
The resolution 57/08, which approved the cooperation accord between Angola and Equatorial Guinea in the petroleum fields is in force since last July 01, informs a communiqué published in the State Gazette, number 120, 1st Series, ANGOP learnt this Sunday.
According to the resolution, the cooperation comprises the sharing of information on petroleum policies, institutional accords, regulating frameworks, transferring technology, research, development, as well as the creation of data bases.
It also includes the identification and implementation of joint projects not only amongst both parties but also with third parties.
Each party should support the costs of all expenses of their participants in every cooperation programmes and in agencies' implementation meetings or work groups included in the current agreement.
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The agreement has a five-year tem, and can automatically be renewed for similar and successive five-year periods, except if any of the parties expresses the intention to terminate it, and should do so with 180 days of antecedence from the date of its validity deadline, through the respective diplomatic channel.
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