Oil prices may cause difficulties in Sao Tomé and Príncipe

15 January 2016

The difficulties of the oil industry in Angola may be an obstacle to the shareholders of São Tomé fuel and oil company ENCO “to view São Tomé and Príncipe with confidence,” the chairman of the company said Thursday in São Tomé.

“Hopefully the constraints linked to the current economic situation, particularly in the Angolan oil industry, will not be an obstacle to the smooth running of ENCO’s activities,” said the Angolan Adalberto Nhinguisa during the inauguration of the company’s new headquarters, a project that cost US$10 million.

ENCO is 75-percent owned by Angolan state oil company Sonangol, the São Tomé state holds 16 percent and a group of small shareholders have the remaining 9 percent.

São Tomé and Príncipe owes more than US$40 million to ENCO, and is currently negotiating terms for repayment, according to Portuguese news agency Lusa. (macauhub/AO/CN)