Sao Tome and Principe: Oil focus of visit by prime minister to Angola

29 July 2008

Sao Tome, Sao Tome and Principe, 29 July – The prime minister of Sao Tome and Principe, Joaquim Rafael Branco, is due Tuesday to start an official three-day visit to Angola in order to re-launch bilateral cooperation in the economic sector, with special focus on oil, trade and infrastructures.

According to the government press Office in Sao Tome, Rafael Branco plans to encourage Angolan investment, particularly by the private sector, in several areas of economic activity in Sao Tome and Principe, with a view to re-launching the archipelago’s economy.

The visit by Rafael Branco, who until just a few months ago was the director of the Sao Tome National Oil Agency, takes place a week after Angolan oil company Sonangol opened two fuel service stations in the capital of Sao Tome at an investment of over US$2.5 million.

Sonangol is currently involved in the distribution of fuel in Sao Tome and Principe through local company ENCO, in which the Angolan company has a 40 percent stake.

Sonangol has also shown interest in taking part in the oil exploration process in the exclusive area of Sao Tome and Principe.

In November 2007, Angola and Sao Tome signed several legal cooperation agreements in Luanda within the scope of the mixed bilateral commission, with particular focus on the areas of oil, retail, banking, agriculture and transport. (macauhub)