Angola profits extra revenue due to oil price increase

Nov 02, 2004 01:00 AM

Angola profited an extra revenue of $ 250 mm in the first half of this year due to the price increase in the world market. Deputy Prime Minister Aguinaldo Jaime made the disclosure.
He said that "the increasing of prices have been favouring an accelerated investments recovery that has been carried out by oil companies as well as a quicker reimbursement of our foreign debt through oil."

Angola is sub-Saharan Africa's second largest oil producer after Nigeria, producing more than 1 mm bpd of oil which make up 90 % of the country's total exports.
Normally, the government profits $ 5 bn annually.

Source: Xinhua
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