8 April 2012

Angola: Official Speaks of Exchange Law in Oil Sector

Brazzaville — The director of the Legal Department of the Angolan Oil Ministry, Carlos Liumba, presented in Brazzaville, Congo, the Law on the Exchange Regime applicable to the oil sector coming into force in May this year.

Carlos Liumba was addressing a session of the 15th African Conference on Business and Oil, Gas and Natural Resources Financing, in the presence of Angolan deputy minister of Oil, Aníbal Teixeira da Silva.

He said on the occasion that the law is applicable to the State-run Angolan Oil Company (SONANGOL) in its capacity as concessionary and to national and foreign investors involved in the exploration and production of oil in the country.

During the session that went with the theme "Experience in the creation and attraction of value", Carlos Liumba spoke of the common dispositions and obligations to all parties and mentioned the differences substantiated on rights, duties and liabilities for local and foreign investors.

He also spoke of the liabilities of the operator and mentioned the role of the Angola Reserve Bank (BNA) in defining procedures and mechanisms to set the law in motion and in supervising all concerned exchange operations.

Carlos Liumba also compared and contrasted the former and the new exchange laws, having mentioned expected impacts, the flow of foreign values and strengthening of the financial capacity of local banks in economic activities, mainly concerning the national reconstruction process.

The official who said an improvement to the balance of payment is expected, coupled with the promotion of local banks competitiveness, added that the law and other measures will promote the participation of Angolan institutions in the oil industry.

Held under the auspices of the United Nations Conference on Trade and Development (UNCTAD), the 15th African Conference precedes the 13rd edition of UNCTAD set for April 21-26 in Doha, Qatar.

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