CEFC China Energy buys Portugal’s Partex Oil & Gas

6 February 2018

China’s CEFC China Energy Group is expected to buy Partex Oil and Gas (Holdings) Corporation, the oil sector holding of Portugal’s Calouste Gulbenkian Foundation, for around 500 million euros, Portuguese weekly newspaper Expresso reported recently.

“The Calouste Gulbenkian Foundation has been considering the sale of investments in fossil fuels (which accounted for around 18% of assets in 2017), taking into account a new energy matrix and its objectives for sustainability, in line with the international movement followed by other foundations,” the foundation said in a statement released last week.

The weekly newspaper reported that on the other side of the deal is the Chinese group CEFC China Energy which, in November 2017, acquired a controlling stake in the Lusitania insurance company owned by the Montepio mutual association. That deal is now waiting for a green light from the Portuguese insurance sector regulator.

Financial daily newspaper Negócios reported that the Partex deal is far from complete, but added that it will be for the business as it stands, including assets and staff.

The Calouste Gulbenkian Foundation said that the cash raised from the sale of Partex will be applied to other assets.

The CEFC China Energy group is a private conglomerate which in 2014 generated revenues of 263 billion yuan (US$41.7 billion) from oil and gas (60%) and financial services (25%). (macauhub)