"Exem does not agree with the decision of the panel of three arbitrators who decided that only the allegations presented by Sonangol were sufficient," said the company through a statement.
Exem, which holds with Sonangol, an indirect stake in Portugal’s Galp Energy through Esperaza Holdings, on Tuesday considered that the decision of the Dutch arbitration court in favour of the Angolan state oil company was based on political narrative and announced it will appeal.
“Exem does not agree with the decision of the panel of three arbitrators who decided that only the allegations presented by Sonangol were sufficient, and did not rule on the evidence and documents presented by Exem’s defence lawyers,” Exem, a company owned by Isabel dos Santos, said in a statement.
Exem noted that in this arbitration decision the political narrative “clearly took precedence over legal analysis,” and so it will file a legal appeal.
On Monday, the Angolan state oil company announced it had been declared the sole owner of the investment made in Galp, according to the final ruling of the Dutch court that arbitrated the dispute between the oil company and Exem Energy, and it should be reinstated as the sole shareholder (100%) of Esperaza Holding BV.
This joint venture, in which Sonangol holds 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.
(Article updated at 11h41 a.m.)