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Sonangol to Retain Stakes in Galp, Millennium Bcp

Angola’s national oil company (NOC) Sonangol has declared its motive to keep its stakes in Portuguese multinational energy corporation, Galp Energia, and the Portugal-based financial institution, Millennium bcp.  Announced by Sonangol CEO, Sebastiao Gaspar Martins, this week, the decision to keep the stakes was underpinned by the fact that the Angola’s national oil company believes the assets are strategic.

“Sonangol has, in its investments in Galp and Millennium bcp, strategic and financial interests, and for this reason it maintains its stake in both companies,” Martins told Reuters.

Martins added that the Angola’s national oil company is looking at gradually increasing its interests in both assets over time.

In Millennium bcp, Sonangol represents the 2nd largest shareholder, holding a 19.49 percent interest. Meanwhile in Galp, the Angolan NOC owns a 45 percent interest in the company’s largest shareholder, Amorim Energia, which holds an interest of around 33 percent in Galp.

Source : www.abafnz.com
Posted On: 1/30/2023 12:00:00 AM

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