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Oil minister coordinates EITI National Committee

Fri, 28 Aug 2020 11:21 - Updated Fri, 28 Aug 2020 11:24

Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo

Photo: Pedro Parente

Luanda - Angolan president João Lourenço appointed Thursday, in cumulative basis, the minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo chairperson of the National Committee for Coordination of Extractive Industries Transparency Initiatives (EITI).

EITI is a voluntary platform for promotion of transparency and responsible management of the revenues from the extractive sectors (mining and oil) laid down by interested countries and companies operating in those fields.

The initiative is meant to adequately monitor the use of the revenues in order to ensure economic and political stability of the countries with the extractive industries to strengthen the fight against corruption, according to a note from the President’s Press Office reached ANGOP.

The newly appointed entity will be tasked with guiding the institutionalisation of the National Coordination for the Extractive Industries Transparency Initiatives, intercede with national partners involved in the platform and appoint the said Committee.

EITI will be integrated by representatives of the Ministries of Mineral Resources, Oil and Gas; Foreign Affairs; Finance and Culture, Tourism and Environment.

The list also includes representatives from the companies or other organisations of the mining sector and civil society.

Angola joined the EITI initiative to grant the maximum transparency to the process of mineral resources and hydrocarbons exploitation, in view of its large potential in this field.

By doing so, the country expresses its political willing to reinforce the national instruments of good governance that includes the accountability  so that the citizens have access to the extractive industry revenues.

Angola is moving toward the improving the business and investment environment in these important sectors of the national economy.