Sao Tome and Principe: History

16th Century Sao Tome and Principe is colonized by the Portuguese and soon becomes a staging post for slave trade.

1800s Sao Tome and Principe becomes one of the world's main cocoa producers.

1851

Sao Tome becomes an overseas province of Portugal.

1975 Sao Tome and Principe gains its independence from Portugal. Strong ties are built with communist countries.

1980s

As the economy deteriorates, the government reduces links with communist countries, declares itself to be nonaligned, and seeks support for recovery from Western countries.

2002 The Sao Tome and Principe government announces plans for a United States naval base in the country, which would serve to protect Sao Tome and Principe's oil interests.

2003

Oil companies bid for offshore oil blocs that are controlled by Sao Tome and Nigeria, these bids are expected to generate hundreds of millions of dollars of licensure money for Sao Tome and Principe.

2005

Sao Tome and Principe and Nigeria jointly sign their first offshore oil exploration and production-sharing agreement with international oil firms.

2007

The World Bank and the International Monetary Fund forgive debt worth $360 million owed by Sao Tome and Principe, which represents about 90% of the country's foreign debt.