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).

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