Angola will launch on December 16 the first Transparency Report in the Extractive Industry with information on the mining and oil sectors, including data on the General State Account for the fiscal years 2021 to 2024, announced last week, the Ministry of Mineral Resources, Oil and Gas.
In a press release to which ANGOP had access, the ministerial department states that the aforementioned report presents detailed information about the country’s extractive industry, prepared with focus and depth in data analysis, constituting a milestone in the history of resource exploitation minerals and oil in the country. This report, he adds, is produced as part of the Extractive Industry Transparency Initiative (EITI), a global standard that promotes the transparent and responsible management of natural resources.
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According to the note, the launch will constitute a milestone taking into account that Angola will enter into a regular movement of report releases, which will run from December 16, 2023 (fiscal year 2021 report), September 16, 2024 (fiscal year 2022), December 16, 2025 (fiscal year 2023 report), as well as December 16, 2026 (fiscal year 2024 report). “The release of the first report will demonstrate Angola’s commitment to the transparent management of its resources”, reads the note.
Among the impacts that the report will bring, it adds, it is the improvement of the business environment in the mineral resources and oil sectors at a local, regional and international level.
The same is the result of the decision taken at the 72nd ordinary meeting of the National Coordination Committee (CNC) of the EITI of Angola, chaired by the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo, in his capacity as president of the multilateral organization held on 1 November this year.
The Extractive Industries Transparency Initiative (EITI) is a voluntary platform to promote transparency and responsible management of revenues from the extractive sector (mining and oil) implemented by interested countries and companies operating in these industries.
The National Coordination Committee (CNC) of the EITI of Angola is a collegiate body created under Presidential Order no. 117/20 of 1 September, to combine interests, converge actions and standardize policies and procedures among the different participants, governmental bodies, mineral extraction companies, oil companies and organized civil society in Angola.