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Angolan government studies granting benefits to oil companies

Luanda, Feb 23 (Prensa Latina) The Angolan Parliament is examining a legal proposal that will grant greater benefits to oil companies in the maritime zone of Cabinda, in the north of the country.

As a preliminary step, the Constitutional Affairs and Economy and Finance commissions of the Parliament issued their joint opinion on the bill on Wednesday.

The document must endorse the powers of President João Lourenço to modify the Tax Regime Applicable to the Oil Concession in Cabinda´s Maritime Zone (Block-0).

According to the allegations of the Executive, the initiative will help promote the socioeconomic development of the province of Cabinda, since the application of tax incentives will have a direct impact on the local business fabric and on the life of the population.

During the debates in commissions, the deputies agreed on the importance of attracting national and foreign investors and asked the Government to better supervise companies to avoid oil spills, since those that occurred in block 0 ‘have caused many problems for fishermen and they have not been compensated’.

The Cabinda Gulf Oil Company, a subsidiary of the US Chevron, the Angolan Sonangol EP, Total Petroleum Angola Limited (with French capital) and ENI Angola Production BV (a business with the Italian multinational in the sector) operate in the area known as Block 0.