Angola’s parliament gives green light for gas project

Jun 24, 2007 02:00 AM

Angola's National Assembly (parliament) recently gave Government green light to legislate on the exploration of gas, within the framework of the "Angola LNG" gas project and on oil award for appraisal, development and production of natural gas.
The information is contained in a recent edition of the State Gazette and follows a Government petition to the National Assembly for authorisation to legislate on the matter, within the framework of the development, transportation, treatment and processing of natural gas.

The authorisation also considered the need for approval of the contract for oil concession for the appraisal, development and production of natural gas in the areas of Quiluma, Enguia-Norte, Atum and Polvi, with a view to their supply for the "Angola LNG" project. The Government is thus to grant fiscal incentives in the form of exemption, fixation and reduction of taxes, including those of customs nature and fiscal transparency mechanisms.
The Government is also responsible for creating a gas tax and setting a methodology to establish the revenues of fiscal reference resulting from products sold by the project.

Source Angola Press Agency
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