President of Sao Tome and Principe signs off oil laws

26 November 2009

Sao Tome, Sao Tome and Principe, 26 Nov – The framework Law for Oil Operations and the Oil Taxation Law were signed off by the President of Sao tome and Principe on November, presidency officials said in Sao Tome Wednesday.

“The process of publishing these documents could still take some time, due to the technical conditions at the Ministry of Justice and Public Administration print works,” a technician from the sector told Portuguese news agency Lusa.

Oil surveys and exploration in the Sao Tome and Principe Exclusive Economic Zone (EEZ) depend on the signing off of these two laws.

“The approval and sign off of the two diplomas by the President means that we have a defined legal and judicial framework,” said the director of Sao Tome’s National Oil Agency. (macauhub)