Sonangol’s Chairman says that Galp and BCP’s holdings are “strategic investments”

  • ECO News
  • 16 December 2019

The leader of the Angolan oil company said that Sonangol "has no reason to leave Galp" and said that, like its participation in BCP, it was a "strategic investment".

The chairman of Sonangol, Sebastião Gaspar Martins, once again revealed the Angolan oil company’s intention to remain a shareholder in BCP and Galp, as he considered that these were “strategic investments”. In addition, on the alleged unease between Isabel do Santos – who is a partner of Sonangol in Galp – and the Government, the leader said that “business relations do not change for reasons other than business”.

In an interview with Jornal de Negócios newspaper, the manager said that although the participation in Millennium BCP is not part of Sonangol’s core business, the oil company has “permanent contact with BCP,” saying that it is a “strategic investment”.

Regarding the stake in Galp, Sebastião Gaspar Martins states that the oil company “has no reason to leave Galp”, since the energy company has “good results, is very well quoted and represents an asset in the portfolio of holdings and investments that Sonangol has”. The leader of the Angolan oil company also stresses that Galp “is part of the same business,” and is, therefore, a “strategic and beneficial partnership for the Angolan state oil company”.

Questioned whether Sonangol would remain linked to Angolan businesswoman Isabel dos Santos through the holding Esperanza, the manager noted that the company “has no relations with either individuals or entrepreneurs,” but “with companies,” justifying that as long as the relations are beneficial to the company, they continue. “Thus, until further notice, business relations do not change for reasons other than business,” he concluded.