AFRICA/CHAD - OIL REVENUE REVOLUTION: BY LAW 80 PERCENT OF OIL INCOME WILL SERVE TO IMPROVE HEALTH, EDUCATION, AGRICULTURE AND INFRASTRUCTURES

Thursday, 9 October 2003

AFGHANISTAN

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N’Djamena (Fides Service) – On October 10, in the presence of some 600 guests, Canadian President Idriss Deby will inaugurate a new oil field in southern Chad which is expected to produce 950,000 barrels of oil a day. The World Bank has given its support for the building of a 1,070 km long pipeline which will carry the oil from Chad to the terminal in the Atlantic Ocean.
To ensure that income for oil sales is used for the development and wellbeing of the people a Chad a special watchdog Commission has been set up. Moreover a new law will guarantee that 80% of the oil revenue will go to improve health, education, agriculture and infrastructures. This is a revolution in oil revenues. Hopefully other countries will follow. LM (Fides Service 9/10/2003 EM lines 17 Words: 167)