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
Also in this section
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026
21 October 2024
Companies operating offshore assets in the region are unlikely to halt development plans for now, even as hostilities intensify
21 October 2024
For the tanker market, recent escalation in the Mideast conflict has largely been offset by soft fundamentals