Sonangol says the deal is a ‘solid step’ towards privatisation
Sonangol exits Trafigura’s Puma
The NOC will sell its stake in Puma Energy in return for the firm’s Angolan assets
Trading house Trafigura will pay $600mn for Angolan NOC Sonangol’s 31.78pc stake in Singapore-based Puma Energy. But, in a separate deal, Puma will sell its assets in Angola to the state-owned heavyweight for the same price. The former deal will increase Trafigura’s share in Puma to more than 90pc. In the latter, Sonangol will take ownership of the TCPL fuel terminal in Luanda Bay, marine and airport terminals, and the Pumangol network of retail service stations. Puma’s proceeds from the Angolan asset sale—along with a $500mn rights issue—will be used to recapitalise its balance sheet, repay debts and “provide a sound financial basis to continue to accelerate its growth plans”, the companie
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