Angola’s Sonangol plans to keep its investments in Portugal

1 March 2018

The chairman of the Board of Directors of Angolan state oil company Sonangol gave assurances on Wednesday in Luanda that the company will keep its stakes in Portugal’s Galp Energia group and Banco Comercial Português (BCP) as they are “strategic investments.”

Carlos Saturnino said that the investment in the Galp Energia group is of high quality and stressed that the company is involved in exploration of oil concessions and not only in Portugal, but also in the Iberian Peninsula, in Angola, where it is involved in several blocks and in Brazil, “and it is t, therefore, strategic investment that has paid off.”

Asked by Portuguese news agency Lusa about the company’s continued participation in BCP, Saturnino said it was too early to provide information and announced that the oil company has been in talks with Chinese group Fosun, the bank’s largest shareholder, regarding its future.

Figures for 30 June 2017 show that the Chinese group held 25.16% of BCP’s share capital and that Sonangol was the second-largest shareholder with 15.24%. (macauhub)