Sonangol announces completion of Pumangol acquisition process

This sale, announced on April 16, represented the sale, to the company Trafigura, of the 31.78 percent stake of Sonangol in Puma Energy, for a value of 600 million dollars.

"Sonangol's exit from Puma Energy's shareholder structure and the acquisition of Pumangol represent the achievement of a strategic objective of Sonangol and a firm step in the company's privatization program, as well as the acquisition of a reinforcement of its 'core business' of a profitable company with valuable assets", stresses the oil company's statement.

Sonangol announces that "the conclusion of this process followed the necessary regulatory procedures and approvals and represents the official exit of Sonangol from the shareholder structure of Puma Energy, with which Pumangol and all its assets become wholly and solely owned by Sonangol" .

With the acquisition, Sonangol now owns Pumangol's retail network, comprising 79 fuel stations, airport terminals in Luanda, Catumbela, Cunene and Lubango, the Storage Terminal at Porto Pesqueiro, in Luanda bay, and the company Angobetumes.

"For Pumangol, the conclusion of the acquisition process represents a total Angolanization of its shareholder, its leadership and its personnel", highlights the oil company.

"It is the beginning of a new journey where the legacy of the Puma Energy era, grounded in its experience, will continue to keep Pumangol vibrant and efficient, adding quality and value to its shareholder, and continuing to provide excellent service and a range of high quality products to its customers," added Sonangol in the note.