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Mozambican legislation considered favourable for investment in the extractive industries
1:21 CAT | 25 Apr 2018
O País
Recent discoveries of large amounts of gas in the Rovuma basin and other hydrocarbons, along precious stones including rubies, tourmalines, have placed Mozambique in the global and mining investors’ spotlight, where the business environment, legislation and infrastructure are all important factors in attracting investment.
Lawyer Leopoldo de Amaral says he feels the country is making great strides in the development of this industry, and, although recently enacted, the laws in force are sound as well as being favourable for investment in the sector.
“The oil and gas industry in Mozambique is in a growing phase, and legislation has been evolving over to keep pace with the development of the industry itself. The laws on mining and petroleum are recent, dating from 2014, and have been regulated for a year or two, which means they are still in the test phase, but I would say that we are moving in the right direction, and that these laws have encouraged investment in the country,” the lawyer said on the sidelines of a seminar on Mozambican legislation in the oil and gas industry.
Despite the country’s advances, Amaral argues that there is an ongoing need to regulate existing laws to as to ensure their proper application, giving as an the example the absence of any regulation allowing the High Authority for the Extractive Industry to take action.
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The seminar, held yesterday, brought together lawyers, business owners from the mining sector, officials from the Ministry of Mineral Resources and Energy and various stakeholders in the sector with the aim of sharing experiences on Mozambican legislation.
The main objective was to evaluate the stage, strengths and weaknesses as a way to gather recommendations and refer them to the government.
The event preceded the sixth Mozambique Mining, Oil & Gas and Energy Conference and Exhibition, which is taking place in Maputo today and tomorrow.
By Minelda Maússe
Source: O País
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