The minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, last week in Dakar, Senegal, reiterated the need to maintain transparency in Angola’s extractive sector, in order to make it more attractive to national and foreign investment.
The transparency process, the minister said, is an initiative of the President of the Republic, João Lourenço, who decided that Angola would become a member of the Extractive Industries Transparency Initiative -ITIE.
According to the minister, the transparency process in Angola is currently at a stage considered “very important,” which is the preparation of the first report from the National Committee of the EITI-Angola tha is expected to be concluded in December this year.
The Angolan minister added that the report would be submitted to the international secretariat of the EITI, as well as being used to improve the oil, gas and mining sector, so that the revenues would increasingly serve the economic development of the country and the wellbeing of the population.
The Angolan official, who is the coordinator of the National Committee to join the initiative, shared the work that the country has been carrying out to achieve the results of the transfer that is being sought.
Among other works, Diamantino Azevedo pointed out legislative reforms and the governance model itself.
“To say that the reforms underway are not static, it is a process that should be continuous,” Azevedo said.
Diamantino Azevedo talked about the works embraced by Angola to reduce the dependence on the importation of crude oil by-products, transforming more at the local level.
Transition position maintained
Diamantino Azevedo was highly applauded by the audience when he referred to Angola’s position around the energy transition.
The Angolan minister made it clear that the energy transition should not be imposed by third countries.
In Angola’s case, he reaffirmed that the country will have its own agenda.
Angola seeks a fair transition, the minister said, a transition with equity that serves the interests of the country and of the people in Africa, which still see accentuated energy poverty.
“For it to be known and understood, the energy transition should be fair and balanced,” the minister explained, underlining that there are minerals that are still needed, calling, thus, for caution in addressing the issue.
The Global Conference of the EITI/2023, in Dakar, Senegal, marked the 20th anniversary of this organisation and brought together representatives from several member countries.
Angola was accepted as a member of the Extractive Industries Transparency Initiative (EITI International), during its 53rd Meeting held in Brussels (Belgium), on June 16 and 17, 2022.
The EITI International is now made up of 57 member countries, with Angola being the 28th African country to join the Initiative and one of the three biggest oil producers in Africa, alongside Libya and Nigeria.