Angola’s national oil company Sonangol will maintain keep its shareholdings in Portugal’s Galp Energia group, the Angolan President said in an interview with Portuguese TV station RTP.

João Lourenço also said that Sonangol has been instructed to withdraw from businesses that are not related to its main activity, which is the distribution of oil, so there is no reason why it should not be a shareholder of the Galp Energia group.

Sonangol has an indirect stake in Galp Energia through a 59.18% stake held by Amorim Energia, SGPS held by Power, Oil & Gas Investments BV (with 35% of the share capital), Amorim Investimentos Energéticos SGPS SA (20%) and Esperaza Holding BV (45%), the latter 60% owned by Sonangol and the remaining 40% by businesswoman Isabel dos Santos.

The Angolan state group holds an indirect stake of 15.98% in Galp Energia.source: Macauhub