Business
Angola publishes local content law promoting Angolanization of the oil and gas sector
The decree will promote participation in the oil sector from commercial companies owned by Angolan citizens.
Angola’s Presidential Decree 271/20, which approves a new legal regime for local content in Angola’s oil and gas sector, was published this week. The decree strongly encourages the acquisition of national goods and services and the replacement of expatriates by Angolan workers.
According to the country’s president, João Lourenço, the decree will aid in wealth creation and the promotion of economic diversification in Angola. It will also promote participation in the oil sector from commercial companies owned by Angolan citizens.
The new legal regime emphasizes the strengthening of national entrepreneurship, highlighting that foreign technical assistance or management contracts must contain detailed training programs, knowledge transfer, technology, development and improvement of professional skills for the national labor force; and also promotes the use of national raw materials in an aim to reduce imports and increase domestic production.
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