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
Also in this section
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
