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Vol 51 No 6

Published 19th March 2010


Sonangol gulps

Sonangol, Angola’s state-owned oil company, could take a controlling stake in Portugal’s Galp oil company as part of its ambitious overseas acquisition strategy. In late February, Sonangol Chairman Manuel Vicente said there was a ‘possibility’ of Sonangol buying Italian state oil company ENI’s 33% stake in Galp; Sonangol already controls a third of Galp’s shares via a holding company, Amorim Energia, 45% of which is owned by Sonangol subsidiary Esperaza Holding BV.

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