Portugal’s Galp Energia to head joint venture with Sonangol for fuel distribution

4 October 2007

Lisbon, Portugal, 4 Oct – Portugal’s Galp Energis will head up the joint venture with Angolan oil company Sonangol for fuel distribution in Angola, known as Sonangalp, an executive of the Angolan company, Fernando Roberto said in Lisbon Tuesday.

Roberto, who was speaking in Lisbon on the sidelines of the Lisbon Energy Forum, said that Galp Energia would now have a majority stake in Sonaongalp after the Angolan company handed over some of the 51 percent share it had in the company.

Galp will buy 16 percent of the capital from its Angolan counterpart for an, as yet, undisclosed sum, and will have a total 65 percent in Sonangalp.

The aim, Roberto said, was to “gain know how” from Galp Energia in the fuel distribution business, in which it is leader in Portugal and has an important presence in Spain and Cape Verde, amongst other countries.

In 2005 Sonangalp sold 65.9 million liters of lubricants and liquid petroleum gas (LPG).

The company has been investing in the expansion of its network of fuel stations, namely in Cabinda, Luanda, Lobito, namibe, Bengo and Cuanza Sul.

The company’s investment portfolio also includes refurbishment of existing stations, a gas filling station, creation of a distribution network using cisterns and another of home-delivered gasoline. (macauhub)