Angola plans to launch sovereign fund to manage oil revenues

30 November 2009

Oslo, Norway, 30 Nov – The Angolan government is studying the possibility of setting up a sovereign fund similar to that of Norway to manage oil revenues, Norwegian newspaper Aftenposten reported Friday.

The newspaper added that the Angolan government planned to have the fund in operation this year and that the issue was discussed during the visit that the Norwegian Foreign Affairs Minister, Jonas Gahr Stoere carried out to Luanda Thursday.

Aftenpost also said that the Angolan authorities had looked into how Norway managed the investments of its sovereign oil fund under the terms of a Norwegian development programme that aimed to help African nations to improve the management of their oil income and deal with the rise and fall in oil prices.

Angola is one of the largest oil producers in Africa and its State Budget for 2010 outlines oil revenues of US$16.6 billion, as compared to US$15.7 billion this year. (macauhub)