Amorim Energy, the largest shareholder in oil company Galp, is reported to be “pondering” the reduction of its 33.4% position.
Spain’s El Confidencial reports that the move comes as the Amorim family has decided it’s time to cut the traditional links founder Américo had with Angola – in this case with Esperaza Holding, majority shareholder in Angola’s Sonangol oil company and co-owned by Africa’s “richest woman” Isabel dos Santos.
El Confidencial’s information comes, says Expresso, from sources close to Amorim Energy.
Group Amorim passed into the hands of its founder’s daughter last year after Américo died aged a few days short of his 83rd birthday (click here).
The group holds 55% of Amorim Energy with the remaining 45% being held by Esperaza Holding, says the paper.
How this step back from the oil business may play out as far as Portugal’s plans for fossil fuel development are concerned remains to be seen.
For now, the Portuguese State remains a 7% shareholder in Galp.
natasha.donn@algarveresident.com
