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Environment/Natural Resources

[Published: Friday November 11 2011]

 Angola passes law forcing oil firms to use local banks
Lisbon, 11 Nov – (ANA) - Angola's parliament has approved a law that forces overseas oil companies to pay their taxes and other transactions through the country's banking system, state news agency Angop reported.
The new law means oil companies active in Africa's second largest crude producer after Nigeria will have to pay their taxes and their bills from overseas sub-contractors and suppliers in dollars through local banks.
Analysts have said the government has shown determination in winning its long battle with the oil companies to force them to use the domestic banks.
Delays in passing oil legislation have deterred foreign partners from investing in Nigeria and turned their focus to Angola, enticed by the prospect of huge finds in ultra-deep water blocks known as sub-salt. (ANA)
FA/ANA/11 November 2011-------

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