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en/são-tomé-e-príncipe-human-rights-watch-urges-new-govt-to-manage-oil-revenues-transparently-use-them-to-address-poverty#c54679

São Tomé e Príncipe: Oil Deals and the New Government

Author: Human Rights Watch, Published on: 24 August 2010

...São Tomé e Príncipe is at a crossroads with a chance to benefit from its potential oil wealth, Human Rights Watch said in a report released today...[By] the end of the year São Tomé is expected to announce the companies selected as the winners of an important round of bidding for the right to drill for oil... The...report...documents how São Tomé's government remains ill-equipped to manage the revenues from any hydrocarbon endowment, despite domestic and international efforts to improve financial transparency and accountability... Arvind Ganesan, business and human rights director at Human Rights Watch [said,] "[The new government] has a window of opportunity and should use it to make sure São Tomé's citizens benefit from oil revenues when and if they start to flow."... The failure...to improve...management of its oil resources culminated in São Tomé's effective expulsion from the Extractive Industries Transparency Initiative (EITI) in April 2010...

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