Economic

Bilateral trade figures between India and São Tomé & Principe

Amount in  Million USD Exports Imports
2006-07 2007-08 2008-09 2006-07 2007-08 2008-09
Equatorial Guinea 0.87 1.48 1.00 0.00 0.00 0.06

STP imports products worth approximately US$ 90 million per year currently; however, the bilateral trade between India and STP has been almost negligible. Though STP importers are interested in procuring various items of interest from India, the shipping time and costs have been a negative aspect. The main items of imports have been organic chemicals, pharmaceuticals, cotton and optical, photographic, medical instruments.

Oil

OVL (ONGC-Videsh Limited) has a 13.5% stake in bloc 2 of the Joint Development Zone (JDZ) through its wholly owned subsidiary in Nigeria-ONGC Narmada Ltd. Another company Aban Engineering will be drilling bloc 4 of the JDZ. OVL is planning to begin its exploration drilling soon.