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TI Welcomes Revenue Disclosures By Angolan Government

Transparency International welcomed the government of Angola’s disclosure of oil revenues from its contract with a ChevronTexaco subsidiary.

Sonangol made public the bonus money paid by beneficiaries of an exploration concession for Cabinda Gulf Oil Company, a subsidiary of ChevronTexaco. The bonus money is comprised of a "signature bonus" of $210 million as well as a "social bonus" of $80-million, part of which is earmarked especially for the Province of Cabinda.

For several years, there has been widespread international concern about the blanket of secrecy surrounding payments by companies, and receipts by the government, in Angola as well as in many other countries around the world which suffer under the paradoxical combination of oil wealth and deep poverty. TI welcomed the openness surrounding the disclosure of contractual terms, including bonus payments.

"We congratulate both the government of Angola for its disclosure and ChevronTexaco for its support of this transparency effort. We look forward to further steps to ensure transparency in the receipt and expenditure of all revenues received from that country's oil industry. Following the recent public commitments of Nigeria and Azerbaijan to implement the terms of the Extractive Industries Transparency Initiative negotiated in London last year, it is good to see Angola moving forward in this way," said Peter Eigen, Chairman of TI. "We trust that before long, Angola will implement the EITI provisions in full. TI calls on the government to take further steps to disclose the disposition of revenues, and calls on other governments and companies to model transparency measures on these recent initiatives in the interest of the citizens of their countries."

A KPMG report on the accounting and fiscal management systems of Angola's oil sector, recently released to the public by the Government of Angola, points the way to major improvements in transparency. TI looks forward to seeing its recommendations and all necessary legislative and regulatory changes being implemented speedily. It also calls for a further detailed audit of past revenue flows in order to establish unambiguously whether or not looting has taken place and, if so, to commence the repatriation of diverted assets.

Transparency International, founded in Berlin, Germany, is a nonprofit worldwide coalition which is committed exclusively to fighting corruption internationally. TI's strategic approach is comprehensive and non-political, focusing on systemic reform rather than identifying particular cases. It raises public awareness of the damaging impact of corruption on social and economic development, particularly in the developing world, and mobilizes the government, private sector and civil society to work in coalition. A network of national chapters, in over 90 countries, works at the domestic level to secure the implementation of multilateral commitments and other sustainable reforms. TI is also an international center of expertise that develops and disseminates standards, best practices and lessons learned.

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