Sonangol, Angola's oil company, buys Pumangol - Plataforma Media

Sonangol, Angola’s oil company, buys Pumangol

Angola’s state-owned oil company Sonangol announced the conclusion of the acquisition process of Pumangol. It all began on 16 April, with the sale of the state-owned company’s shares in Puma Energy to Trafigura

The operation involved the sale of Sonangol’s 31.78% stake in Puma Energy to Trafigura for US$600 million (€501 million).

Read also: Sonangol sells assets in nine companies

“Sonangol’s exit from the Puma Energy shareholder structure and the acquisition of Pumangol represent a strategic objective of Sonangol and a firm step in the company’s privatisation programme, as well as meaning the acquisition of a reinforcement to its core business of a profitable company with valuable assets,” the state oil company’s statement noted.

Sonangol announced that “the conclusion of this process followed the necessary regulatory procedures and approvals and represents Sonangol’s official withdrawal from Puma Energy’s shareholder structure, with which Sonangol will entirely and solely own Pumangol and all its assets.

Read also: Sonangol to sell luxury hotel in Luanda

With the acquisition, Sonangol now owns the Pumangol retail network, 79 petrol stations, airport terminals in Luanda, Catumbela, Cunene and Lubango, the Porto Pesqueiro storage terminal in the bay of Luanda and the Angobetumes company.

“For Pumangol, the conclusion of the acquisition process represents a total Angolanisation of its shareholder structure, its leadership and its staff,” the oil company said.

Read also: Angola’s energy transition ‘should be harmonised’ with oil business

“It is the beginning of a new journey where the legacy of the Puma Energy era, based on its experience, will continue to keep Pumangol thriving and efficient, adding quality and value for its shareholder, and continuing to provide excellent service and a range of high-quality products to its customers,” Sonangol added in the statement.

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