Angola’s Sonangol to keep shareholdings in Galp Energia and BCP

5 March 2019

Angola’s national oil company Sonangol will maintain keep its shareholdings in Portugal’s Galp Energia group and Portuguese private bank Banco Comercial Português (BCP), the Angolan President said in an interview with Portuguese TV station RTP.

João Lourenço also said that Sonangol has been instructed to withdraw from businesses that are not related to its main activity, which is the distribution of oil, so there is no reason why it should not be a shareholder of the Galp Energia group.

“Regarding Banco Comercial Português, I reiterate what I said on my visit to Portugal, and we expect to remain,” said Lourenço.

Sonangol has an indirect stake in Galp Energia through a 59.18% stake held by Amorim Energia, SGPS held by Power, Oil & Gas Investments BV (with 35% of the share capital), Amorim Investimentos Energéticos SGPS SA (20%) and Esperaza Holding BV (45%), the latter 60% owned by Sonangol and the remaining 40% by businesswoman Isabel dos Santos.

The Angolan state group holds an indirect stake of 15.98% in Galp Energia and also controls a 14.87% stake in Banco Comercial Português, known for the Millennium bcp banking brand.

The Angolan president also said that he would like to see the business relationship with Portugal boosted in other areas of the Angolan economy, which is highly dependent on oil and, because of this, is also very prone to the volatility of commodity prices.

“We would like to see a greater presence of [Portuguese] business in agriculture, in industries, such as the manufacturing industry, or in tourism,” he said.

There is, however, an obstacle to investment by Portuguese companies in Angola, as because of the economic and financial crisis, the Angolan state has built up debts to Portuguese companies, and Lourenço said that the plan is to pay the entire amount due. (Macauhub)