Angola - Forex rules applicable to entities that carry out prospection, exploration, evaluation, development and sale of Non-Associated Natural Gas

In brief

It was published Notice of the National Bank of Angola No. 3/21, of 12 April - which came into force on the date of its publication - establishing the specific forex rules applicable to entities that carry out prospecting, exploration, evaluation, development and sale of Non-Associated Natural Gas (ie. natural gas not associated with crude oil) and its derivatives.

This Notice sets out the following rules:

Sale of Non-Associated Natural Gas and related services

The sale of Non-Associated Natural Gas and related services by forex resident entities to forex non-resident entities must be invoiced and settled in foreign currency to be deposited in a foreign currency bank account held by the forex resident entity in a bank domiciled in Angola.

Transactions related to the sale of Non-Associated Natural Gas between forex resident entities must preferably be carried out in national currency, but may be carried out in foreign currency (using the purchaser’s own funds) if the purchaser is an exporting entity.

Transfers abroad

Capital export operations and profit or dividend transfers - subject to the forex regime in force for the sector - must be settled by debiting the foreign currency account by the forex resident paying entity using its own funds.

Opening of bank accounts abroad and external financing

The opening and maintenance of foreign bank accounts is subject to the prior authorisation of the National Bank of Angola, being possible to authorise the opening of escrow accounts for the purpose of debt service repayment.

The contracting of foreign loans is not subject to the approval of the National Bank of Angola, but it is mandatory to submit the financing information to the bank in Angola.

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