Angola’s national oil company (NOC) Sonangol has declared its intention 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 NOC 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 NOC is looking at gradually increasing its interests in both assets over time.
In Millennium bcp, Sonangol represents the second-largest shareholder, holding a 19.49% interest. Meanwhile in Galp, the Angolan NOC owns a 45% interest in the company’s largest shareholder, Amorim Energia, which holds an interest of around 33% in Galp.