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Oil Companies in Angola : Policy Briefing


In 1999 Global Witness, a UK-based NGO that campaigns to expose the role of natural resources in funding conflict, produced a report accusing OECD oil companies of complicity in state looting.

The report - A Crude Awakening - The Role of the Oil and Banking Industries in Angola's Civil War and the Plunder of State Assets - argues that the oil companies, which provide the vast majority of government revenue are aiding state corruption by practising poor accounting practices and failing to release public information on the size of payments made to the state.

ROLE OF THE AUDITORS

The report also calls into question the role of the auditors who certify company accounts as true and fair.

ROLE OF THE EXPORT CREDIT AGENCIES

A number of the oil companies are supported by OECD export credit agencies (ECAs): Ex-Im Bank (USA), Coface (France) and SCAE (Italy). In addition the USA's Overseas Private Investment Corporation is heavily involved despite, according to the report, apparently contravening its own guidelines, which state that OPIC does not "support projects that involve illicit payments". The report argues that these agencies could lever change through imposing standards of transparency on the oil companies.


The following lists all references contained in our database that are relevant to this briefing
Global Witness Press Release [12/5/1999] 'A CRUDE AWAKENING - Press Release' by Global Witness: http://www.globalwitness.org/press_releases/display2.php?id=77 [Source ID = 6369]

Global Witness Press Release: Global Witness [12/13/2001] 'FINANCIAL ANALYSTS REVEAL ANGOLAN GOVERNMENT'S SHAMEFUL SECRET. WHERE ARE THE 'MISSING BILLIONS'?' by Global Witness: http://www.globalwitness.org/press_releases/display2.php?id=77 [Source ID = 6370]

Global Witness Press Release [2/12/2001] 'Campaign Success: BP makes move for Transparency in Angola' by Global Witness Press Release: http://www.globalwitness.org/press_releases/display2.php?id=77 [Source ID = 6371]

Global Witness [12/6/2000] 'A Crude Awakening - One year on, business as usual!' by Global Witness: http://www.globalwitness.org/campaigns/oil/summary.html [Source ID = 6372]

Global Witness [2/8/2002] 'Blair and Chirac must require transparency of resource revenues as a key to African development' by Global Witness: http://www.globalwitness.org/campaigns/oil/summary.html [Source ID = 7762]

World Markets Analysis [] 'Global Witness Releases New Transparency Report, Oil Companies Criticised' by Norval Scott: http://www.globalwitness.org/campaigns/oil/summary.html [Source ID = 12833]


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UNICORN is a Global Unions Anti-corruption Network. It is supported by the international trade union bodies: the TUAC (Trade Union Advisory Committee to the OECD); Public Services International (PSI); and the International Confederation of Free Trade Unions (ICFTU).

UNICORN is financed by the Foundation Open Society Institute