Angola to open the books for scrutiny

The Angolan Government is about to make a landmark disclosure of the compensation it receives from oil companies in exchange for the rights to do business in the impoverished African nation.
Angola to open the books for scrutiny Angola to open the books for scrutiny Angola to open the books for scrutiny Angola to open the books for scrutiny Angola to open the books for scrutiny

A number of African nations have been under increasing pressure from human rights groups, anti-corruption lobbies, the International Monetary Fund and the World Bank to reveal the extent of such payments as endemic corruption continues to hinder any restructuring efforts in the world’s poorest countries.

Any such move by Angola would mark a reversal in government policy for a country that consistently ranks among the world’s poorest and most corrupt nations.

According to the New York Times it has already been leaked to the Angolan media that ChevronTexaco is paying $300 million to the government to extend its outstanding rights to the shallow-water oil and gas field known as Block Zero through 2030.

The move will be welcomed by a number of developed nations hoping to secure a slice of Angola’s 950,000 barrel per day production as traditional sources of fuel continue to dry up. The United States alone is in the market for more than half of Angola's estimated production.

Not surprisingly Angolan President Jose Eduardo dos Santos' is expected to make the announcement in the US where he is meeting with President George Bush.

loader

Most read MARKETS