Cape Verde State and private sector set up power management company

23 May 2007

Praia, Cape Verde, 23 May – The government of Cape Verde and private companies Shell Cabo Verde and Enacol plan to create an entity to manage oil products, which is expected to start operating in January next year, the director-general of the industry, Abraão Lopes, said in Praia Tuesday.

After a meeting between representatives of the oil companies and the government, Lopes said it had been decided that Shell and Enacol would each have a 45 percent stake in the new company and the Cape Verde State would keep the remaining 10 percent.

Despite negotiations still being underway, the director-general said that the new company would be responsible for primary logistics, which means that it would be responsible for importing, storing and distributing fuel between the islands of the archipelago.

The company will be responsible for implementing and imposing greater efficiency on the fuel sector, reducing costs and ensuring the security of supply on national territory,” Lopes added.

As it will be essentially a private investment, the State will not be involved in the company’s management. (macauhub)