Ver Angola

Energy

Sonangol's stake in Puma Energy sold for 600 million dollars

The National Fuel Society of Angola sold - in a tripartite agreement - 31.78 percent of the stake it held in Puma Energy to the company Trafigura. The deal amounted to 600 million dollars.

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In another act, Sonangol acquired - through Sonangol Holdings - some "of the most important strategic assets" of Puma Energy. These include Pumangol's retail network, made up of 79 fuel stations and airport terminals in Luanda, Catumbela, Cunene and Lubango, Angop said, citing a note from Sonangol's communication, brand and social responsibility department.

In the same document, the national oil company claims to have also acquired the Porto Pesqueiro Storage Terminal, located in the Bay of Luanda, and the Angobetumes company, for the same amount as that of the sale.

"These transactions represent the culmination of the efforts of the national oil company, aiming to protect itself from participating in the recapitalization of Puma Energy", adds the statement.

Such agreements are aligned with the strategic objective of the Privatization Program, seeking to optimize the oil company's asset portfolio, which considers this to be a key element for the purpose of focusing on its core business.

The document also states that the completion of the process of selling Sonangol's shares in Puma Energy to Trafigura - and the subsequent purchase of Pumangol - will take six to eight months.

In addition, the parties have agreed a one-year transition period for the replacement of the Pumangol logo.

It should be recalled that, in total, Sonangol has to divest more than 50 assets and stakes held in companies whose sectors range from real estate to tourism, including oil, telecommunications and finance.

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