The National Coordination Committee (CNC) of the Extractive Industry Transfer Initiative (EITI-Angola) will soon begin to prepare the first report on the activity of the oil and mineral resources industry, a document that will be submitted to the International body.
The report will be drawn up, over a period of six months, by Enrst Young (EY), an independent international auditor winner of the public tender limited by invitation, launched by the National Coordination Committee of EITI-Angola.
The report to be prepared in 2024 will contain information on the activity of the extractive industry in Angola, with emphasis on the mining rights granted, contracts and their fulfillment, that is, all activity in the country’s mining and hydrocarbon industry.
This makes Angola to assume the commitment of declaring the revenues of the extractive value chain to national and international community, as well as to motivate the national companies to observe the EITI procedures.
The preparation of the document takes place after Angola was admitted, in mid-2022, in Brussels, Belgium, as a member of the Initiative for Transparency in Extractive Industries.
The information contained in the report will be analyzed by the ‘experts’ of the EITI International Committee, to assess whether or not Angola complied with all the legal precepts, regarding hydrocarbons, mining code, tax regime, the contents of contracts, aspects of compliance ”, according to the chairman of the EITI-Angola National Coordination Committee, Diamantino Azevedo.
Diamantino Azevedo, who is also the also Minister of Mineral Resources, Oil and Gas, said that the initiative envisages bringing more transparency to the entire process related to the extractive industry, which could positively influence positively the attraction of more investors to the country.
The Ernest Young’s manager Luís Camilo told press that the preparation of the project will follow five phases to be carried out over the foreseen six months.
For example, the first phase aims to define the entities that will be involved in this work, in alignment with companies linked to the extractive industry in Angola.
Another two phases will allow the reconciliation of information on payments made to the Government, within the framework of the value chain in the extractive industry in Angola.
In the fourth phase of the project, a much more in-depth analysis of the documents will be carried out, while the last one is reserved for the preparation and delivery to the National Coordination Committee (CNC).
“At the level of this report, in addition to understanding the sources of revenue, it will be important to understand what payments are made throughout the value chain, to understand how governance in the extractive industry can be improved”, pointed out the Ernest Young specialist.