The governor explained that the state oil company had "two hypotheses": either it would follow up the capital according to the value of this increase, or it would see its shares diluted.
"In this case, the capital increase, which would make Sonangol keep its shares gives about $600 million. If it did not follow the capital increase it would see its shares reduced to 12 percent. A decision had to be taken," explained Diamantino Azevedo, quoted by Rádio Nacional de Angola (RNA).
He explained that, from a strategic point of view, there was no great interest in keeping Sonangol in the company and, therefore, this became an "opportune moment.
If the oil company decided to stay in the company, "it would have to seek 600 million in loans," he said, adding that these factors forced the company to "look at other solutions.
"What there was was an asset swap. Trafigura kept Sonangol's shares in Puma Energy and Sonangol kept those assets in Angola," he explained.
For the minister, from a strategic point of view, this was "a good deal. If this decision had not been taken "we would have Sonangol either having to go to the market to get 600 million to continue to keep its shares in the company or it would see its shares diluted to 12 percent," he indicated.
"This is the explanation, so in reality there was no money involved, there was an exchange of assets," Diamantino Azevedo added.
Last week Sonangol sold its stake in Puma Energy (31.78 percent) to Trafigura.
