Oil business remains biggest support of Angolan economy

28 October 2009

Luanda, Angola, 28 Oct – Angola’s deputy oil minister, Aníbal Silva, said Tuesday in Luanda that oil production and related activities continued to be the main prop of the economy and the biggest generator of foreign cash resources.

According to Angolan news agency Angop, Silva was speaking at the opening of the seminar on “Oil, Fishing and the Environment” organised by the OIl Ministry in partnership with Norwegian company Petrad.

Silva noted that the political and economic transformations that had taken place in Angola and the impositions resulting from the globalisation of the world economy had made it fundamental to implement considerable changes in the legal framework, including the redefinition of the guidelines of oil activities.

“The significant expansion of oil activities, the establishment in Angola of several international oil and service provider companies, the need to increase production of products for the local and regional markets as well as making use of gas provide the development of activities that will create new skills and acquisition of new external services provided by foreign institutions,” he said

He noted that the war had had negative consequences, such as the destruction of social and economic infrastructure, the halt of production of most sectors of the economy and the drop in the human development index.

The meeting, which last for three days, proposes to cover issues related to legislation, organisation and coordination of the two countries in the oil sector. (macauhub)