Commenting on the national asset disposal programme, the state-owned oil company, Sonangol, has announced that it will retain its strategic interest in Galp Energia, its Portuguese counterpart.

The development was disclosed by the President of the oil company, Sebastiao Gaspar Martins, during an interview with Diario de Noticias.

The Portuguese oil company will not be affected by this plant. Sonangol controls 33% of the Portuguese firm through the Amorim Energia, which also owns 19% of the Portuguese financial institution, Banco Comercial Portugues SA.

Sonangol’s asset disposal program is expected to be completed in 2021, resulting in a 30% public listing of the company’s total shares. The sectors from which Sonangol is withdrawing its interests include aviation, hotels, mining, services, maritime services, etc.

Sonangol’s asset simplification program is being piloted with the support of the United States audit and consulting firm, Deloitte.

Meanwhile, during the sidelines of the signing of an agreement with the Algerian Institute for Standardisation (Ianor), the Chairman and Chief Executive Officer of Sonatrach Group, Toufik Hakkar, said the national oil company has signed more than 1,100 project contracts with national companies.

He said 80% of the value of the contracts was in national currency, which supports the company’s strategy to control expenditure in foreign currency. “[this reflects] the Group’s orientation towards the intensification of its transactions. with local operators, by opening up its markets,” he said.

The new action plan for projects in the next five years is worth $40 billion. 51% of contracts will be concluded in the national currency. The majority of these projects will be in exploration, production, refining and petrochemical activities.