Oil revenue accounts for 42% of GDP.
Congo has now disclosed what their government has received from extraction of the country's natural resources in 2011, becoming the second country to release 2011 figures.
The EITI Executive Committee approved its 2011 report on 6 September 2012 and publicly launched it in Congo’s major oil city Pointe Noire on 7 September 2012.
The report notes that close to 110 million barrels of crude oil were produced in 2011, 0.4% of the total world production. More than half of Congo's production was passed to the state under production sharing agreements.
Congo then sold 51 million barrels for over US$ 5 billion (Franc CFA 2,387 billion). The EITI report shows that 91% of Congo’s income from the extractive industries came from selling oil, and that the rest came from taxes, fees and royalties by producing companies.
According to the EITI report, Congo earned US$ 6 billion (Franc CFA 2,627 billion) in total from selling oil and mining products. This represents 42% of the country's Gross Domestic Product.
Transparency in new areas: maritime taxes, mining, social payments
In the report, the companies have also disclosed how much they pay in maritime taxes. These are taxes paid by oil tanker operators which are then billed back to the oil companies that are renting the tankers to export crude oil. This tax has been a source of controversy as an unaccounted government revenue outside the usual sector taxes. According to the companies, the income accounts for around 0.3% of total government income.
The 2011 report includes the mining sector for the first time but shows that it only yields 0.03% of all revenue from Congo’s extractive industries.
For the first time, the two leading foreign companies, Total and ENI, disclosed social payments - in-kind contributions to social development - made in 2011.
The report is available from the EITI website.
Congo has to finalise a second EITI Validation by 9 December 2012.
Photo from Secretariat's vist to EITI Congo in May 2011.
For further information about EITI in Congo, please contact EITI Regional Director Tim Bittiger.