Government takes steps to improve the management of its national oil company by regular publication of oil sales.
The Republic of the Congo ranks among the top five oil producers in Sub-Saharan Africa and exports over 80% of its oil to China and the EU. According to the 2012 EITI Report, the government received US $5 billion from oil sales, which is over 80% of its income.
The government has taken a step in making information on oil sale available to the public in a timely manner. In July, the figures for 2013 were published showing how Société Nationale des Pétroles du Congo (SNPC), Congo’s state-owned enterprise (SOE), collected and sold its oil. Specifically, the reports show the amount of oil SNPC receives from operators extracting oil in the country, in accordance with production-sharing agreements. The prices at which the oil is then sold by SNPC and the amount of revenue transferred to the state treasury are included in quarterly reports.
These reports contribute to meeting the requirements of the EITI Standard on SOE reporting. The government publishes the reports within six months of the end of the fiscal period and uses the information in the reports as a revenue-tracking tool, and to plan and monitor budgets.
The quarterly reports were produced by KPMG and are accessible to the public here in the EITI's publications repository.