ERHC Energy Inc (ERHE)

[RubyMartin]

Transparency of oil revenues under debate in Sao Tome and Principe [ 2007-10-26 ]


Sao Tome, 25 Oct – Sao Tome and Principe between October 29 and 31 is to host a national meeting on the management of oil revenues at the same time as a regional civil society meeting to boost its role in transparency, officials said in Sao Tome Thursday.

The regional meeting, organized by the United Nations Development Program (UNDP), by British non-governmental organization International Alert and by the international coalition “Publish what you Pay,” will bring together around 30 delegates from several organizations and Angola, Mozambique, Guinea Bissau, Nigeria, the United States and the United Kingdom.

The regional meeting on oil revenue management will deal with the contribution of civil players in order that these resources be used for economic growth and poverty reduction.

The organization noted that in the case of Sao Tome and Principe, “we are trying to ensure that its future oil riches will contribute to development, introducing appropriate legislation to ensure the transparent management of revenues.”

The participants will take part in a round table meeting on the best way to speed up the implementation of Sao Tome legislation, with the creation of a Oil Supervisory Commission and an Office for Records and Public Information. (macauhub)