This information is derived from the State Department's Office of Investment Affairs Investment Climate Statement. Any questions on the ICS can be directed to EB-ICS-DL@state.gov
Last Published: 8/12/2016

When STP's cocoa plantations were shut down in the late 1990s, most State-Owned Enterprises (SOEs) also closed.  SOEs remain in only five industries:  BISTP (International Bank of STP), EMAE (Water and Power Supply Company), ENAPORT (Port Authority Company), ENASA (National Company for Airports and Air Safety), and CST (Santomean Telecommunication Company).  CST is operating under a joint venture with the Portuguese Telecommunication Company (PT).  The government holds 49 percent of CST, while PT owns 51 percent of the company.  BISTP is owned by the STP government (48 percent), the Portuguese Caixa Geral de Depositos (27 percent), and the African Investment Bank (25 percent).  The other three state-owned companies operate under government management but with some financial autonomy.  The Ministry of Finance and the Court of Auditors audit the SOEs on an annual basis.  STP is looking at privatizing the remaining SOEs.
 

OECD Guidelines on Corporate Governance of SOEs

The majority of SOEs operate under government management but largely with financial independence.  It is unclear whether SOEs adhere to the Economic Co-operation and Development Guidelines on Corporate Governance for SOEs.  
 

Sovereign Wealth Funds

STP does not have a traditional sovereign wealth fund.  It does have a small National Oil Account (NOA).  The NOA was previously funded by signing bonuses paid by energy firms to gain rights to conduct exploration and production activities.  According to officials from STP’s Budget Department, every year the government is permitted by law to withdraw up to 20 percent of the balance of the NOA as calculated on June 30 of the previous year.

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