Portugal’s Galp Energia approves investments of 4 billion euros

13 April 2006

Lisbon, Portugal, 13 April – The board of directors of Portuguese oil company Galp Energia Wednesday unanimously approved the company’s strategic plan for the next five years including total investment of over 4 billion euros, the company said Thursday.

The company’s strategy until 2010 includes a tri-fuel focus – oil, gas and electricity – and boosts oil production and refining, which according to Galp will fulfill Portugal’s needs in terms of diesel fuel.

Galp’s strategy for the next five years also includes entering the electricity sector and a strong focus on growth of gas sales in Portugal and other markets.

Galp’s board also approved its annual report and accounts for 2005, in which it posted record profit of 442 million euros. (macauhub)