Angola’s Sonangol plans to buy stake owned by Italy’s ENI in Portuguese group Galp Energia

27 February 2012

Luanda, Angola, 27 Feb – Angolan oil company Sonangol is interested in buying the stake of Italian oil group ENI in Portugal’s Galp Energia, and negotiations are underway to move ahead with that intention, said director of Sonangol Baptista Sumbe, in Luanda Friday.

“Sonangol plans to keep the stake that the ENI group ahs already said it plans to sell,” said Baptista Sumbe, who added that it was too soon to give any further information.

Baptista Sumbe concluded his reference to Galp Energia noting that Sonangol “is talking” with its partners in the Portuguese company and thus, “at the moment it is not appropriate to say what the results of ENI’s exit from Galp Energia would be.”

Together with businessman Américo Amorim Sonangol own a 33.34 percent stake in Galp, via Amorim Energia, which is the same percentage owned by the Italian oil group.

On 15 February, Paolo Scaroni, the chairman of the Italian group restated the group’s intention to sell off its 33.34 percent stake in Galp Energia, which is currently valued at 3.8 billion euros, given that the company has a market capitalisation of 10.6 billion euros. (macauhub)