Angolan oil company Sonangol continues to negotiate acquisition of ENI’s 33.34 pct stake in Galp

6 March 2012

The sale of 33.34 percent owned by Italy’s ENI in Portuguese oil company Galp is expected to be concluded by the end of March according to Portuguese financial daily Diário Económico.

The newspaper said that, “the main shareholders of Galp – Eni and Amorim Energia, both with 33.34 percent of the oil company’s capita, and CGD, with 1 percent – are in talks to reach an agreement about this process by the end of this month.”

Diário Económico also said that the Portuguese Finance Minister, Vítor Gaspar, was due to visit Angola in March and that the Galp sales process loomed large on the agenda.

Talks with Eni to buy part of the Galp stake were confirmed by Sonangol’s President Baptista Sumbe, during the presentation of the oil company’s results.

The president of the company said at the time that Sonangol, “wants to be part of that sale that Eni wants to make.” (macauhub)