Stake owned by Italy’s ENI in Portugal’s Galp likely to be bought by Brazilian oil company Petrobras

27 April 2010

Luanda, Angola, 27 April – The 33 percent stake owned by Italian oil company ENI in Portuguese oil company Galp is likely to be acquired by Brazil’s Petrobras, the Portuguese Finance Minister said in Luanda Monday.

Fernando Teixeira dos Santos, who Monday began a working visit to Angola, made it clear that this was a matter for the shareholders to decide and said that Angolan oil company Sonangol could have something to say on the subject.

“It is not the government’s job to give its opinion on deals that are essentially private, but if the result of it is that there is good understanding between Portuguese, Brazilian and Angolan entities I think it’s positive,” he said.

“What is under discussion is a Petrobras deal, and there may be room for part of ENI’s stake in Galp to be acquired by an Angolan company,” the minister noted.

The possibility of Sonangol taking a direct stake in Galp Energia had already been admitted by the chairman of the Angolan oil company in February, although he denied it would take the 33 percent owned by ENI.

The main shareholders in Galp are Amorim Energia and ENI, both with 33.34 percent and the Portuguese state with a 7 percent share via Parpública and 1 percent through financial group Caixa Geral de Depósitos and there is a free float of 25.32 percent. (macauhub)