afrol News, 31 October - It is now official that Angola will take part in oil exploration in the São Tomé and Príncipe's economic exclusive area after the two countries' companies signed a partnership agreement. This was announced by the Prime Minister of São Tomé and Príncipe, Tome Vera Cruz.

"We have signed a protocol for the oil sector and there is a memorandum between our national oil agency and Sonangol, but we want to go further so that by forming partnerships we can work together on oil exploration," 'Macauhub' quoted Mr Vera Cruz as saying.

This development came after Mr Vera Cruz had concluded a three-day official visit to Angola. He used the trip to boost bilateral cooperation with Angolan authorities.

He said soon technical teams in the oil sector from both countries would find ways of developing partnerships and bring them to fruition.

Prime Minister Vera Cruz added that his country has two pending debts with Angola, the recent being the result of good relationship between the two countries.

In relation to the other debt, which is older and bilateral, PM Vera Cruz said that he had discussed the issue with the Angolan authorities, "within the framework of the debt pardon to be negotiated with the Paris Club."

A commission involving members from both countries is scheduled to meet in December to analyse new forms of bilateral cooperation between the two countries.

Earlier, São Tomé and Príncipe invited investors from booming Angola to enter his country, which would expedite partnerships between the two countries in various fields. He made the appeal during a visit to Angola upon receiving invitation from his counterpart, President Fernando Dias dos Santos.

In his meeting with Angolan investors in Luanda, Prime Minister Vera Cruz called for greater dynamics among investors and pledged fiscal incentives on investments in his country.

Prime Minister Vera Cruz said there are several business opportunities in his country in addition to the oil sector, which propitiate a public-private partnership among people from both countries.

The government of São Tomé earlier has focused on getting fellow Portuguese speaking nations to invest in its promising oil sector, but failed so far. An agreement of intentions with Brazilian President Lula da Silva failed to materialise in an engagement by Brazil's large state-owned oil company Petrobras.

By staff writer

© afrol News

Related pages and feature

Current afrol News Top Stories