Angola to provide technical support to Sao Tome and Principe oil industry

10 January 2007

Sao Tome, Sao Tome and Principe, 10 Jan – Angola is to provide technical assistance to Sao tome and Principe for the oil industry, an Angolan representative said in the capital of Sao Tome Tuesday.

Sérgio Neto, the director of the Angolan Foreign Ministry, made the statements at the opening of a preparatory meeting for the 6th mixed commission meeting of the two countries to be held later this year.

Neto, who headed the Angolan delegation for this meeting, said Angola intended to be part of the Sao Tome oil sector, in the areas of exploration, sales and technical assistance.

As well as other areas of cooperation, namely fishing, agriculture and the media, Angola is currently the only supplier of fuels to the archipelago.

As well as the exclusive marine area that has yet to be explored, Sao Tome and Principe also has a joint oil exploration area with Nigeria.

Signed in February 2001, the joint exploration treaty states that Nigeria receives 60 percent of revenues while 40 percent goes to Sao Tome.

The only bloc that has been signed off in the joint area netted the two countries over US$120 million in signing bonuses. (macauhub)