Angola approves law forcing oil companies to use local banks

Dec 19, 2011 12:00 AM

Angola's national assembly approved a law forcing oil companies to use local banks for all their transactions.
Angola insists the exemption granted to oil companies from using the local banking system should no longer apply because financial institutions in the war-torn nation are now developed enough.

Some experts have previously expressed concerns the law could increase costs for oil giants, such as BP or Chevron, operating in Africa's second-largest crude producer.
Some companies working in Angola, however, don't appear to be worried. Jon Ferrier, executive vice president for business development and strategy at Maersk Oil, told that the law is "changing the rules" but it's unclear if that will make transactions costlier”.

In general, "we want more transparency in the banking system. So that's going in the right direction," said Dorrier, whose company operates oil blocks in Angola.
Maersk Oil is a division of Denmark's A.P. Moeller-Maersk A/S.

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