AFRICAN HUB COUNTRIES ANGOLA
Associates on the domestic or foreign market; on the other hand, the na- tional Associates are allowed to periodically transfer such funds as divi- dends or profits to their respective non-resident shareholders, according to the terms of their articles of association.
National Concessionaire and Associates must individually submit to
BNA an annual forecast of foreign-exchange transactions by November 30 each year and update such information on a quarterly basis. The block operator shall likewise quarterly submit to the BNA a detailed list of all contracts concluded with non-resident suppliers.
Given the requirements of the oil and gas sector in what concerns pay-
ments of goods and services, Angolan Oil and Gas Foreign Exchange Act allows National Concessionaire and its Associates to carry out foreign-ex- change transactions without the prior permission of the BNA (excluding capital operations aimed at foreign investment, which require such autho- risation), but such foreign-exchange transactions must be registered with the banking financial institutions via the Integrated Foreign-Exchange System of the National Bank of Angola (SINOC).
The foreign Associates must fully fund their share of the investment
needed to implement oil operations in foreign currency and Angolan banking financial institutions are not allowed to extend credit to foreign
Helena Prata Lawyer
Angola Legal Circle Advogados Luanda, Angola
Tel.: +244 222 441 935/443 341 Email:
helenaprata@angolalegalcircle.com Web:
www.angolalegalcircle.com
Associates without the prior authorisation of the BNA, unless, in either of the aforementioned cases, the financing is secured by assets held by the said foreign Associates in Angola.
“
Sofia Cerqueira Serra Lawyer
Porto, Portugal
Tel.: +351 22 616 69 50 Email:
sofiaserra@mlgts.pt Web:
www.mlgts.pt
João Pedro Honorato Lawyer
Lisbon, Portugal
Tel.: +351 21 381 74 00 Email:
jhonorato@mlgts.pt Web:
www.mlgts.pt
50 ENERGY & INFRASTRUCTURE | SUB SAHARAN AFRICA 2013 On a final note, the settlement of production requisitioned by the Gov-
ernment to the National Concessionaire and its national Associates is made in foreign currency and paid to accounts with Angolan Banks; set- tlements to foreign Associates are made in foreign currency that is inter- nationally traded, and can be made to accounts with Angolan Banks.
About the author Helena Prata’s expertise ranges from advisory to complex corporate and asset financing and restructuring transactions, incorporation of SPV (special purpose vehicle) and structured security arrangements and labour law. Highly experienced in corporate law, environmental law and oil and gas she has assisted national and international clients in these areas. She is the author of several articles published in specialised Angolan magazines and also teaches Business Law at the Law Faculty of the Agostinho Neto University. She was recently elected a member of Luanda's Provincial Council from the Angolan Bar Association. Partner of ALC Advogados, exclusive member firm of the network MLGTS Legal Circle for Angola
About the author Sofia Cerqueira Serra is a member of the Africa Team, an internal structure of Morais Leitão, Galvão Teles, Soares da Silva & Associados (MLGTS) that guarantees, on a permanent basis and in close cooperation with the member firms of the MLGTS Legal Circle, personalised day-to-day assistance to clients on matters that involve or are related to the jurisdictions of Portuguese speaking African countries. Within this team she regularly assists clients in the areas of oil and gas. In addition to her work as a member of the Africa Team, Ms Serra has advised both national and international clients on various M&A operations, the negotiation of international commercial contracts and provides regular advice and assistance to clients on their ongoing commercial activities, particularly in the areas of agency and distribution agreements, telecommunications, software licensing and intellectual property.
About the author João Pedro Honorato is also a member of the Africa Team in which he assists clients in the areas of oil and gas. His experience also includes negotiating project finance structures, including the financing of wind farms, motorways and football stadia. He also provides legal advice on financial derivatives and has focused on the incorporation and marketing of mutual and real estate investment funds. Mr Honorato is permanently working at the São Paulo office of Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados and his activity in Brazil has a special emphasis on the oil and gas sector, including negotiation and risk analysis of concession contracts, construction, supply and operation agreements, development of research centers, joint operation agreements (JOA) and farm-in/farm-out operations.
While Angola has extensive natural gas reserves, historically the vast majority of this was re-injected into oil fields
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92