👉 The Angola IOR, or International Oil Contract for Angola, is a significant oil contract that facilitates the export of oil from Angola to international markets, primarily through the port of Lobito in Bié Province. Signed in 2003, it allows foreign oil companies to sell their crude oil to Angola under favorable terms, often at discounted prices, in exchange for long-term supply agreements and infrastructure support. This contract has been crucial for Angola's economy, which relies heavily on oil revenues, helping to stabilize the country's finances and fund development projects. However, it has also been criticized for its lack of transparency and for potentially limiting local control over the oil sector, as many of the contracts are structured in ways that favor international partners.
