16 August 2018

Angola: Finance Ministry Oversees Oil Exchange Rate Framework

Luanda — The Ministry of Finance will be soon tasked with supervising the customs and exchange framework, audit of operators' accounts and managing the state-owned revenues in oil production sharing contracts in the country.

The measure is part of the final results of the Inter-ministerial Working Group, set up last December by the President, João Lourenço.

The move is meant to update the model for readjustment of the oil sector, according to Finance minister, Archer Mangueira.

The minister was speaking at presentation ceremony of the final results for readjustment of the oil sector.

He underlined that the new model, which also creates the national oil and gas agency, allows drawing the legal, financial, operational and infrastructure procedures, in order to transfer the assignments of national hydrocarbon concessionaire, so far under Sonangol, to a neutral body.

The official said the national oil and gas agency will be the new concessionaire for the exploration of hydrocarbons in national territory, stressing that this fact will not undermine the financial balance of Sonangol.

According to him, the new concessionaire might will not be launched until 2020, in order to ensure a successful conclusion of Sonangol.

The 120-day work enabled the group to review and suggest the framework of the organisation tasked, among other goals, with managing the hydrocarbons sector, restructure the proposals for the creation of the National Agency of Hydrocarbons and Biofuels (ANHB).

Angola

Foreign Ministry Pledges Tight Fight Against Mismanagement

The minister of Foreign Affairs, Manuel Augusto, on Wednesday in Luanda, pledged to the staff of this institution that a… Read more »

See What Everyone is Watching

Copyright © 2018 Angola Press Agency. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.