Luanda, Feb. 25, 2026 (Lusa) - Angola's state-owned oil and gas company, Sonangol wants to maintain its holdings in Portugal, in the oil company Galp and the bank BCP, as it considers them to be strategic assets that contribute to the diversification of its portfolio and the mitigation of economic risks.
According to the director of the Angolan oil company, Osvaldo Inácio, at a press conference in Luanda, the strategic objective is to maintain both assets, emphasising that these holdings remain in line with Sonangol's strategy.
The Sonangol Group held a qualifying stake of 19.49% in BCP's capital as of 30 June, the most recent information on the bank's official website, making it the second largest shareholder. Its stake in GALP is indirect, through Esperaza Holding, a company controlled by the Angolan state-owned oil company, which owns part of the capital of Amorim Energia (which holds 36.7% of the Portuguese oil company).
He pointed out that these are "two very important assets in Sonangol's portfolio diversification strategy," allowing the company to reduce its exposure to shocks in the oil sector.
"We have to maintain a relatively diversified portfolio, which then helps to deal with economic shocks," he said.
Osvaldo Inácio added that these investments "are part of the strategy to invest outside Angola," strengthening the company's international presence.
Angolan holdings in Portuguese companies generated significant dividends in 2024.
The Angolan state oil company today presented its preliminary results for 2025, announcing a net profit of US$750 million (€636 million), down 11% from US$846 million (€718 million) 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.
Gaspar Martins also announced that the oil company is maintaining its plan to go public, but is not expected to proceed with an IPO before the conclusion of the Privatisation Programme (PROPRIV), which will end this year.
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