February 25, 2011 / 3:02 PM / 9 years ago

Angola's Sonangol seeks direct stake in Galp Energia

LUANDA, Feb 25 (Reuters) - Angolan national oil company Sonangol wants a direct stake in Portugal’s Galp Energia (GALP.LS) but has no intention of buying the Galp stake held by Italy’s Eni (ENI.MI), its chief executive said on Friday.

Brazil’s Petrobas PET4R.SA said earlier this month it had failed to reach an agreement with Eni to buy the Italian company’s 33.34 percent stake in Galp.

Sonangol CEO Manuel Vicente told reporters on Friday the Angolan company did not intend to buy Eni’s stake.

“There is no intention from Sonangol to buy Eni’s shares (in Galp Energia), but the process is not closed. We never said we wanted to raise our stake in Galp, but we want a direct stake,” Vicente said at a presentation marking Sonangol’s 35th anniversary. Sonangol owns a 45-percent stake in Portugal’s Amorim Energia, which in turn holds 33 percent of Galp.

Angola’s oil minister Jose Maria Botelho de Vasconcelos said last year Sonangol, Petrobas and Galp were in talks to create a strong partnership to develop both upstream and downstream projects.

Sonangol said on Friday that Angola produced 640.6 million barrels of oil in 2010 — a 3 percent decline on 2009 and an average of 1.755 million barrels per day.

He gave no forecast for Angolan oil production in 2011.

Galp shares were unchanged at 15.255 euros at 1426 GMT. (Reporting by Ilona Koivunalho; Writing by Marius Bosch; Editing by David Cowell)

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