Sonangol wants to maintain the stakes it holds in Portugal, in the oil company Galp and in the bank BCP, as it considers that they are strategic assets that contribute to the diversification of its portfolio and mitigation of economic risks.
According to the administrator of the Angolan oil company Osvaldo Inácio, at a press conference in Luanda, the strategic objective is to maintain the two assets, highlighting that these holdings continue to be aligned with Sonangol’s strategy.
The Sonangol Group held a qualified stake of 19.49% of BCP’s capital on June 30, the most recent information on the banking institution’s official website, being the second largest shareholder, and in GALP the stake is indirect, through Esperaza Holding, a company controlled by the Angolan state-owned oil company, which has part of the capital of Amorim Energia (which holds 36.7% of the Portuguese oil company).
The official highlighted that these are “two very important assets in Sonangol’s portfolio diversification strategy”, allowing the company to reduce exposure to shocks in the oil sector.
“We have to maintain a relatively diversified portfolio, which then helps to deal with economic shocks,” he maintained.
Osvaldo Inácio added that these investments “are part of the investment strategy outside Angola”, reinforcing the company’s international presence.
Angolan stakes in Portuguese companies generated relevant dividends in 2024.
The Angolan state oil company presented preliminary results for 2025 today, announcing a net profit of 750 million dollars (636 million euros), a drop of 11% compared to 846 million dollars (718 million euros) in the same period last year.
The chairman of Sonangol’s board of directors, Gaspar Martins, presented the results at a press conference marking the company’s 50th anniversary.
Company postpones privatization until after this year
The chairman of Sonangol’s board of directors stated that the oil company maintains its plan to enter the stock exchange, but should not proceed with privatization before the completion of the Privatization Program (PROPRIV), which will end this year.
Gaspar Martins, who was speaking at a press conference in Luanda today, assured that the company remains committed to the operation: “We maintain the IPO program”.
“What we must bear in mind is that, for this to happen, there are a set of conditions that must be materialized”, he added, admitting that these conditions have not yet been created at this time, meaning that the operation will remain outside the privatization program that the Government intends to implement by the end of this year (PROPRIV 2023-2026)”.
The executive added that Sonangol maintains its intention to disperse up to 30% of the capital, in a phased manner, but indicated that the calendar will depend on the creation of the necessary conditions.
“When we go to the stock exchange – and we say that the dispersion is up to 30% of the capital – we continue thinking about doing it in a phased manner, but without during this program, which will now end in 2026, it is possible to close all the conditions”, he concluded.
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