Portugal Dominated Angola for Centuries. Now the Roles Are Reversed.

22 Aug 2017   Angola, Portugal

How the roles have reversed: The colonizer, some Portuguese contend, has been colonized. On the Portuguese coast of Cascais, where the nation’s royal court used to summer, a new 14-story condominium building looms confidently by the sea. So many of its apartments have been bought by Angola’s ruling class — sometimes a handful at a time — that the development has a nickname: the “Angolans’ building.” Along the grandest shopping boulevard in the capital, Lisbon, Angola’s elite buy designer suits and handbags by the armful. And on one corner, above Louis Vuitton, sits the local office of Africa’s richest woman , Isabel dos Santos, a billionaire from Angola who has become one of Portugal ’s most powerful figures by buying large chunks of the country’s banking, media and energy industries. The money […]

More EU praise for progress on renewable energy

18 Jul 2017   Portugal, Renewables

Renewable energy gives Portugal, which imports all of its oil and gas, a way to gain a degree of independence over its economy, a European energy official said. Vice President for Energy Union Maros Sefcovic met Monday with Portuguese leaders to discuss clean energy and national energy plans. Largely isolated from European energy networks, the EU leader said renewable energy was helping Portugal gain economic leverage. “I congratulate Portugal for becoming one of the EU’s frontrunners in its usage of renewable energy,” he said in a statement . “This is also helping it to decrease its dependency on energy imports from abroad.” In April, German energy company E.ON said it made an investment commitment with Ampyx […]

Galp project breakeven price below $30 a barrel: CEO

16 Mar 2016   Portugal

Portuguese oil company Galp Energia has a project breakeven price below $30 a barrel, making it one of the lowest cost producers in the industry, its chief executive said on Tuesday. “Our projects breakeven price is below $30 a barrel and we have room to improve,” said Carlos Nuno Gomes da Silva at Galp’s capital markets day in London. Brent crude oil prices are currently trading at around $39 a barrel. (Reporting by Karolin Schaps; Editing by Mark Potter)