Sinopec eyes Sonangol stake in Galp Energia worth EUR 1.8bn - report (translated)
23 NOV 2018
China's Sinopec is one of the energy groups eyeing Sonangol’s indirect stake in Galp Energia [ELI:GALP] valued at EUR 1.8bn, reportedJornal Economico. Sources told the paper that Sinopec has emerged as a suitor of Sonangol’s 15% indirect holding in Galp.
Other major oil groups are interested in buying the Galp stake from Sonangol but BP [LON:BP] is not among them, the same sources said.
Sonangol is likely to seek a swift sale of its Galp shares, held via Amorim Energia which owns 33% of Galp, because of its high debt level of USD 3.7bn, the item said.