Description
Galp Energia, SGPS, S.A. is a Portuguese corporation which consists of more than 100 companies engaged in activities such as natural gas supply, regasification, transport, storage, and distribution; petroleum products exploration, production, refining, trading, logistics and retailing; co-generation and renewable energy. Its stock was partially listed on the Euronext Lisbon stock exchange in the second half of 2006.
History
SACOR, CIDLA, SONAP, PETROSUL, and PETROGAL were the main Portuguese companies from which current-day GALP was born.
SACOR was one of the first Portuguese oil companies. In 1954, SACOR's activities extended to Portugal's overseas territories; 80% of the gasoline, kerosene, and gasoil transported into the Portuguese overseas province of Angola had to be refined on continental Portugal's territory.
The Portuguese discovered oil in their overseas province of Angola in the 1950s. Portuguese-run Sociedade de Lubrificantes e Combustiveis (ANGOL) was set up in 1953 in Portuguese Angola. By the 1960s, it was also participating in the exploration for hydrocarbons. In 1957, SACOR participated in the establishment of another oil company, MOÇACOR, in the Portuguese overseas province of Mozambique.
After the Carnation Revolution military coup in 1974, Portugal handed over power to its overseas provinces. In Portugal, PETROGAL was formed in April 1976 from four Portuguese companies (SACOR, CIDLA, SONAP, and PETROSUL) that were nationalized following the revolution of April 1974. Galp Energia's initial public offering on the Lisbon Stock Exchange took place in 2006.
