Angola’s Sonangol plans to take direct stake in Portuguese group Galp Energia

28 February 2011

Luanda, Angola, 28 Feb – Angolan oil company Sonangol plans to take a direct stake in the shareholder structure of Portuguese group Galp Energia, the company’s chief executive Manuel Vicente said in Luanda as part of the celebration of Sonangol’s 35th anniversary.

Sonangol has an indirect stake of 15 percent in Galp Energia, via the 45 percent stake it owns of Amorim Energia, a company that controls 33.34 percent of Galp, the same as Italy’s ENI.

The scenario may involve acquiring some of the shares owned by ENI, which ended negotiations with Brazil’s Petrobras for acquisition of a 33.4 percent stake in Galp that is owned by the Italian group.

The ENI group has string interests established in Angola and plans to increase its involvement in the country via new oil exploration contracts as well as exploring opportunities in neighbouring countries, namely in the Congo, where the Angolan state oil company has strong links.

Cited by newspaper Oje, Vicente said that the process was not closed and added that other Angolan entities, other than Sonangol, could conclude the deal with ENI.

Meanwhile, the rise in the price of a barrel of oil on the international market has led to Sonangol’s revenues increasing. According to financial figures for 2010 the company posted sales of U$21.9 billion, and pre-tax profit of US$3 billion. (macauhub)