Angola: Multinational Oil Companies Obliged To Use National Banks
By MISNA
Multinational oil companies will be forced to pay taxes and perform other financial transactions through banks based in Angola, as a result of a new law approved by parliament yesterday that aims to consolidate and strengthen national banks.
In Angola, the second largest oil producer in sub-Saharan Africa, such important oil companies as British Petroleum, Eni, Chevron, Exxon Mobil and Total run important operations. The measure could result in billions of dollars entering Angola’s financial system.
According to Alves da Rocha, an economist who teaches at the Catholic University of Luanda, “with the approval of the law the Angolan government has won a long battle with foreign companies.”
There are 21 banks operating in Angola. These include the South African Standard Bank Group and Banco Fomento Angola, an institution controlled by the Portuguese based Banco BPI.
