b Spirit n°56 mar/avr 2015
b Spirit n°56 mar/avr 2015
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  • Parution : n°56 de mar/avr 2015

  • Périodicité : bimestriel

  • Editeur : Ink

  • Format : (230 x 275) mm

  • Nombre de pages : 100

  • Taille du fichier PDF : 41,2 Mo

  • Dans ce numéro : Mont Nyiragongo, le lac de lave le plus actif dans le monde.

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BUSINESS Oil in Angola – weathering the stormb.spirit examines how Africa’s second largest oil producer is facing the oil price crunch THE PLUMMETING OIL price has dominated headlines, and the consensus view is that lower oil has its winners and losers. For consumers in oil importing countries the news is positive - it means falling prices at the petrol pumps and a lid on price rises generally. For Africa’s commodity-rich countries, however, heavily reliant on revenue from oil exports, the news is less welcome. Angola, Africa’s biggest crude oil producer after Nigeria, is no exception as the bulk of the country’s revenue stems from oil production. Oil accounts for SPECIAL REPORT almost 98% of export earnings, more than two-thirds of government revenues and 44% of gross domestic product. One vital statistic that places even more emphasis on how important oil is to the Angolan economy is that the country has been the second largest supplier of oil to China after Saudi Arabia since 2005. Like many other oil-exporting nations in Africa, it has felt the pain of the shale gas boom in the United States, as its largest exporter finds energy closer to home. According to figures from global energy, 54 BRUSSELS AIRLINES B.SPIRIT MAGAZINE - MARCH/APRIL 2015 - petrochemicals and metals information provider, Platts, Angola’s exports to the US fell to 4.9 million barrels per day in July 2014 from 21.9 million barrels per day in March 2007. The drop in exports means the country needs to find new buyers for its crude - or find new ways to maintain economic growth. Yet, the fall in the oil price by almost 50% since last June adds to the challenge. Early indications are that Angola is far from resting on its laurels with initiatives ranging from investing in projects as diverse as ports and airports to
Illustration : Grégoire Gicquel hydropower, agriculture, real estate, tourism and telecommunications. According to the Angolan National Private Investment Agency the target is to attract $4 billion (€ 3.5 billion) a year in non-oil investments from abroad by 2017. The Financial Times reports Angola’s sovereign wealth fund has launched an additional $1.6 billion (€ 1.4 billion) ‘African infrastructure and hotels fund’to also help diversify its income sources. Although Angola has been one of the continent’s fastest growing economies in recent years and its l « It’s the first time the government plans to spend more on public services than on defence and security » 41, - MARCH/APRIL 2015 - government has been investing heavily in infrastructure since the end of civil war in 2002, some of the targets were never met, which increased the reliance on oil production. Jose Filomeno Dos Santos, son of Angola’s president, José Eduardo dos Santos, was quoted recently by the Financial Times that Angola is now focusing on reducing this dependence on oil by also looking at public private partnerships, concessions by states and also industrial investments, such as factories and assembly plants. In the same vein z``=4 o BRUSSELS AIRLINES B.SPIRIT MAGAZINE 55 a



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