Dutch court recognises Sonangol as sole owner of investment in Galp

  • Lusa
  • 27 July 2021

The sentence was made public on Monday, according to which the court ruled in favour of the Angolan oil company that it will be reinstated as sole shareholder (100%) of Esperaza Holding BV.

Sonangol has been declared the sole owner of an investment in Portuguese energy company Galp, according to the final sentence of the Dutch court that arbitrated the dispute between the Angolan state oil company and Exem Energy, a company owned by Isabel dos Santos.

The sentence was made public in a statement issued by Sonangol on Monday, according to which the court ruled in favour of the Angolan oil company that it will be reinstated as sole shareholder (100%) of Esperaza Holding BV.

This joint venture, in which Sonangol held 60% of the shares and Exem the remaining 40%, controls 45% of Amorim Energia, which in turn is a reference shareholder of Galp.

The dispute was about Exem’s 40% stake in Esperaza, the vehicle through which the Angolan oil company “made a large and successful investment” in Galp in 2006 and that had been “allegedly ceded by Sonangol,” the statement said.

The 40% of Esperaza shares in dispute have a current market value of around $700 million (€593 million).