An Angola economist has disclosed that the country's oil industry has managed to accumulate a net capital of 23 billion dollars in the recent years, it is reported in Luanda Thursday.

Speaking at a round table on oil economy here on Wednesday, S. Vicente, also president of the Administration Board of the Oil Insurance Company (AAA), said that the creation of this stock is owed to constant investments done in the mineral economy as from the 1990s.

He said that contrarily to the oil economy, the remaining economic sector has seen a reduction of its accumulated net capital, with 80 percent reduced due to the war and the remaining 20 percent due to mismanagement.

According to the specialist, the oil industry generates 6.5 billion dollars every year and, by the year 2008, Angola will produce two million barrels of oil a day.

A total of 250 economists attended the meeting held here from Tuesday to Thursday. They are from Portuguese speaking economists including Angola, Brazil, Cape Verde, Guinea-Bissau, Macao, Mozambique, Portugal and Sao Tome and Principe.

Source: Xinhua