Ver Angola


Somoil PCA denies that Manuel Vicente is a shareholder in the oil company

The chairman of Somoil's board of directors said this Wednesday that the company is a limited liability company and none of the names mentioned in the press, including Manuel Vicente, are part of its shareholder structure.


"That question is asked almost daily. Somoil is a public limited company, has 11 shareholders and none of those shareholders are the names that appear in the press. In the press, at least the ones I hear most are the engineer Manuel Vicente, Joaquim David, several managers of our industry in the past are the ones that appear a lot in the media and in the news, none of them is a shareholder", said Edson dos Santos.

The official, who was speaking this Wednesday with journalists about the company's results in 2022, stressed that they are founders and majority shareholders, with around 90 percent of the stakes in Somoil, Almeida e Sousa, Ana Nunes and Salgado da Costa.

João André, director of Somoil, explained that Somoil emerged in the 2000s, in 2003 it entered the consulting area and in 2007 it entered the oil business.

"They worked in the industry for many years, they went into retirement, they had the energy, they had the knowledge and they decided to do a 'venture' and the thing they knew best was oil", he said.

In view of the company's significant growth and asset acquisitions, in recent years, rumors have emerged that Somoil's shareholders are associated with former directors of the National Society of Angolan Combustibles (Sonangol), including the former chairman of the board of directors of the state-owned oil company and former Vice President of the Republic, Manuel Vicente, during the Presidency of José Eduardo dos Santos.

Edson dos Santos said that Somoil has resorted to its own funds and banks, mostly international, for loans for most of its acquisitions.

According to the chairman of the board of directors (PCA), this was the case in the acquisition process of Block 14/14K carried out through a banking syndicate led by Afreximbank, "one of the banks that still continues to believe in oil, in fossil fuels".

Somoil's PCA highlighted some shyness of Angolan banking towards this sector, so the company has sought to "inform more about the profitability of this business and help them to take a bit more risk".

"We are now working on financing the Galp dossier, which is a little more expensive, with higher values, and here we hope that the Angolan bank will participate in a more active way, but a large part, once again, we believe that it will be with international banking", he added.

Galp Energia announced in February that it would sell its stake in oil exploration and production in Angola to Somoil, an operation that should be completed in the second half of this year.

The transaction is expected to reach 830 million dollars.

In a statement to the Securities Market Commission (CMVM), Galp said that the value of the sale of the 'upstream' operation (extraction and production) in Angola comprises an amount of 655 million dollars to be received at the conclusion of the deal and 175 million dollars between 2024 and 2025, dependent on oil prices.


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