Angolan government eliminates monopoly on the sale of diamonds

6 December 2018

The Angolan government approved the Technical Regulations for the Sale of Rough Diamonds and formally created the National Oil and Gas Agency (ANPG), during a meeting of the Council of Ministers on Wednesday in Luanda.

The statement issued after the meeting said that the regulation is a “legal instrument” that establishes ways of buying and selling diamonds, with the aim of “achieving the strategic objectives of the mining sector and the sales policy defined by the government, aiming to increase prospecting and exploration, drive foreign investment, set up cutting factories and garner more revenue for the State.”

The Minister of Mineral Resources and Oil of Angola, Diamantino de Azevedo, recalled at the end of the meeting that the diamond policy had been approved for some time, “which is based first on the elimination of the monopoly on the sale of rough diamonds that existed in the country . ”

The Angolan Council of Ministers approved the final report of the oil sector restructuring working group, launched by an August presidential order, creating the agency and its organic statute, as well as a draft bill on the taxation of oil activities.

The National Oil and Gas Agency will be the new national concessionaire, replacing the Sociedade Nacional de Combustíveis de Angola (Sonangol), which under an ongoing restructuring process will concentrate its activities on research, production, refining and distribution of oil products. (macauhub)