Angola’s Sonangol expected to take majority stake in Sao Tome and Principe airline

10 April 2012

Angolan state oil company Sociedade Nacional de Petróleos de Angola (Sonangol) is expected to buy 51 percent of Sao Tome and Principe’s flagship airline STP Airways, Sao Tome’s Prime Minister, Patrice Trovoada said.

Speaking in Sao Tome, the Prime Minister said that the Sao Tome state and remaining shareholders of STP Airways had agreed to sell at least 51 percent of the airline’s capital to the Angolan oil group.

Cited by Angolan news agency Angop, Trovoada also said that the consensus of the STPA Airways’ board of directors had been communicated to Sonangol and that they were now waiting for the airline’s General Meeting in order to formally approve the process.

Saying that he hoped Sonangol would become the majority shareholder in STP Airways, the Prime Minister noted that Sonangol was already involved in selling fuel in Sao Tome and Principe, and in its port and airport, as well as in a programme to train Sao Tome staff.

The 51 percent stake in STP Airways is expected to be acquired via Sonair, a subsidiary of Sonangol which mainly provides support got oil activities in Angola. (macauhub)