Notice No. 13/2019 on Foreign Exchange Operations of the Oil and Gas Sector for Settlement of Domestic Resident Services and Goods

PUBLISHED IN THE OFFICIAL GAZETTE, SERIES I, NO. 155, OF DECEMBER 2, 2019 NOTICE NO. 13/2019 SUBJECT: FOREIGN EXCHANGE POLICY

• Foreign Exchange Operations of the Oil and Gas Sector for the Settlement of Goods and Services Provided by Domestic Residents

Considering the foreign exchange market normalization process, it is necessary to restore the sale of foreign currency by Oil and Gas sector companies to Commercial Banks; In these terms, under the combined provisions of Article 3 and paragraph 2 of Article 28, both of Law No. 5/97 of June 27 (Foreign Exchange Act), Article 22 of Law No. 2/12 of January 13 (Act on the Foreign Exchange Regime Applicable to the Oil Sector), and paragraph c) of paragraph 1 of Article 16 of Law No. 16/10 of July 15 (Act on the National Bank of Angola).

IT IS HEREBY DETERMINED:

Article 1.
(Subject and Scope)
This Notice establishes the procedures to be adopted in foreign currency sale operations carried out by the National Concessionaire and national and foreign investor companies, regardless of their operator status, including entities engaged in liquefied natural gas production

CONTINUATION OF NOTICE NO. 13/2019 Page 2 of 3 liquefied, hereinafter referred to as “Companies”, for the settlement of goods and services provided by domestic residents.

Article 2.
(Sale of Foreign Currency)
The Companies must sell foreign currency for the settlement of goods and services provided by domestic residents to Commercial Banks with which they maintain a business relationship.

Article 3.
(Exchange Rate)
The exchange rate applied in foreign currency sale operations by the Companies to Commercial Banks is freely negotiated between the parties.

Article 4.
(Tripartite Contracts)

1. The execution of tripartite foreign currency purchase and sale contracts between operating companies, Commercial Banks, and service providers to operators is prohibited.
2. Tripartite contracts in force on the date of publication of this Notice may not be renewed, nor remain in force after December 31, 2020.

Article 5.
(Penalties)
Non-compliance with the provisions established in this Notice constitutes an offense provided for and punishable under Law No. 5/97 of June 27 (Foreign Exchange Act) and Law No. 12/15 of June 17 (Basic Act on Financial Institutions).

CONTINUATION OF NOTICE NO. 13/2019 Page 3 of 3
Article 6.
(Interpretation and Omissions)
Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 7.
(Repeal)
Notice No. 07/2014 of October 8, and any other legislation contrary to the provisions of this Notice, are hereby repealed.

Article 8.
(Entry into Force)
This Notice enters into force on January 2, 2020.

PUBLISHED.
Luanda, November 29, 2019.
THE GOVERNOR
JOSÉ DE LIMA MASSANO