PLANS TO sell seven per cent of the Portuguese government’s stake in Galp Energia, the oil and fuel company, have been suspended.
Finance Minister Fernando Teixeira dos Santos said in a statement last week following budget announcements: “This privatisation remains programmed but in the current market conditions it wouldn’t make sense.”
Plans to sell the government stake were announced in July and scheduled to take place before the end of the year, however the government will now wait until the market improves before implementing the sale.
