Galp CEO May Not Be Reappointed for Second Term, Diario Reports

Galp Energia SGPS SA Chief Executive Officer Manuel Ferreira de Oliveira may not be reappointed to the post for the next term, Diario Economico reported, citing unidentified people close to two of Galp’s main shareholders.

Eni SpA of Italy, which owns a third of Galp, is not available to support the reappointment of Ferreira de Oliveira, the Portuguese newspaper said.

Esperaza, a venture that groups Angolan oil company Sonangol SA and Angolan investor Isabel dos Santos, is also not available to support naming the chief executive for another term, according to Diario. Esperaza owns a stake in the Amorim Energia BV venture, which holds 33 percent of Galp.

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