Luanda - Angolan companies only have around 2% of oil contracts, compared to 98% for foreign companies, totalling 18.2 billion dollars a year, the figure recorded in the respective contracts.
The information was revealed by the new president of the Association of Autochthonous Companies for the Angolan Oil Industry (ASSEA), Berta Issa, quoted in a press release to which ANGOP had access on Tuesday.
Along with the failure to implement the methodology for measuring local content, the source also points to the lack of instructions in the sector to allow payments in kwanza and foreign currency, as well as unfavourable payment terms, which he considers to be "imperative to overcome these obstacles that still persist in the sector".
According to Berta Issa, of the 2% mentioned, "there are no significant records of Angolan companies led by women. This discrepancy not only represents an economic injustice, but is also an obstacle to the country's sustainable growth", she added.
Due to this disparity, which worries Angolan companies, ASSEA has set its priorities on the effective implementation of Angolan legislation on local content and increasing the participation of national companies in the sector from 2% to 20%.
With this challenge, the association plans to strengthen its position in Angola, with a view to growing a more competitive oil sector.
In addition, ASSEA plans to promote diversity, inclusion and sustainability in the energy sector, foreseeing a greater inclusion of companies led by women, through incentives for professional internships for more than 150 young people by the end of 2024.
The association's president also said that member companies should serve as a beacon of hope in job creation for young cadres looking for their first job, guaranteeing a prosperous and sustainable future for all.
Founded in 2019, with more than 80 member companies, the Association of Autochthonous Companies for the Angolan Oil Industry is a platform for reflection for Angolan entrepreneurs, professionals and specialists in the oil sector.
ASSEA's fundamental mission is to promote, foster and develop the growth of the Gross Domestic Product (GDP), through the implementation of local content legislation and the active engagement of national companies in the oil sector as the main lever for diversifying the Angolan economy and strengthening the national business community.
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