World
Institutional
links
Welcome back on
26 -29 August,
ONS 2008
Bridging
the energy gap
is ONS 2006 theme,
from 22-25 August,
in Stavanger, Norway
Petroleumworld
Business
Partners:
Centre for
Global Energy
Studies
  |
Angolan oil decline won't hurt economy: finance minister
LUANDA
Petroleumworld.com, Aug 21, 2008Finance Minister Jose Pedro de Morais said Wednesday that the possibility that Angolan oil production could soon pass its peak was no threat to the economy.
"I dont see (any) threat on the challenges posed by a reduction in oil revenues," De Morais told state media.
"Our GDP has been doubling every three years. There will be a slowdown in the growth in the next five years but it will continue to be strong," he said.Angola, which has the fastest growing economy in Africa, will hold its first parliamentary elections in 16 years next month.
The World Bank estimated this week that the Angolan economy will slow by 11 percent once the country reaches the two million a day barrel limit imposed by OPEC.
But the estimate came as record diamond revenues were announced for the world's fourth largest producer.
In the first five months of 2008, Angola ranked a record 570 million dollars in diamond sales revenue. According to industry sources, the country will reach the 1.3 billion dollar mark by the end of year.
Angolan "blood diamonds" faced embargoes in the late 90s in the wake of the 27-year civil war that ended in 2002.
International communities had accused the warring parties of using the sales of gems to feed the conflict against the suffering of population.
Story from AFP
AFP 20 1933 GMT 08 08
Copyright© 2008 respective author or news agency. All rights reserved.
We welcome the use of Petroleumworld™ stories by anyone provided it mentions Petroleumworld.com as the source. Other stories you have to get authorization by its authors.
Your feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.Write to editor@petroleumworld.com
Any question or suggestions, please write to:
editor@petroleumworld.com
Best Viewed with IE 5.01+
Windows NT 4.0, '95, '98 and ME +/ 800x600 pixels
