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
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
6 August 2025
Diesel market disruptions have propelled crude prices above $100/bl twice in this century, and now oil teeters on the brink of another crude quality crisis
5 August 2025
After failed attempts to find a buyer for its stake in Russia’s largest oil producer, BP may be able to avoid the harsh treatment meted out to ExxonMobil and Shell when they exited—and could even restart operations if geopolitical conditions improve
