Group CEFC China Energy place their bet on Partex

  • ECO News
  • 20 February 2018

The Group CEFC China Energy aims to accelerate the purchase of the oil company Partex to Fundação Calouste Gulbenkian, but deny putting the deal with Montepio's insurance company on the back burner.

The Chinese from the Group CEFC China Energy are said to have put the insurance deal with Montepio on standby, in order to fully prioritize the purchase of the oil company Partex. Some within Associação Mutualista Montepio Geral perceive this decision as a sign that the Chinese group has completely given up on acquiring Montepio Insurances, a claim the Chinese group denies.

The purchase of Partex has become a priority for the Chinese as soon as Fundação Calouste Gulbenkian publicly announced their intention to fully sell their oil deal in the beginning of February, ECO knows. Regardless, the Chinese group stated that the news that CEFC China’s investment in the Montepio insurance (Lusitania) is at risk due to a supposed lack of interest “has no basis”.

CEFC China clarifies that the strategic partnership agreement is to honour, and the whole process regarding the acquisition of 60% of the capital of Montepio Seguros, SGPS is following the procedures regulatory and legal, and the last step was taken with the ASF. CEFC has completed the process delivered to the regulator”, according to the press release.

The Portuguese have some reservations about the terms in which the Chinese would enter Montepio — a business that was made public in November. Doubts concern especially the impact in the impairments of Montepio’s accounts. There is also the idea that the Chinese Group might have another agenda for the investments in Portugal — but the dossier is fully in the hands of Tomás Correia.

The agreement between Montepio and the Chinese was nearly closed four months ago, after a strategical partnership signed in September between both institutions. By then, there was a green light missing from the regulator, the Insurance and Pensions Funds Supervisory Authority and also from the general council of Associação Mutualista Montepio Geral.

When contacted by ECO, the supervisory authority did not clarify on time whether or not they authorized the operation. Associação Mutualista was also contacted, but did not provide an answer in time of the article.