Search Results

Portuguese energy company Galp has signed an agreement to sell assets in Angola for U$ 830 million to Somoil - Sociedade Petrolífera Angolana S.A. The agreement is for U$ 613 million until completion by the end of 2023 and an additional U$ 175 million for contingent payments in 2024 and 2025, according to the price of Brent. Galp is selling its mature assets and is strengthening the high rating of its upstream portfolio as well as its decarbonization strategy. Galp was advised by Bank of America Securities for this transaction. #GalpsellsassetsAngolatoSomoil #Galpsellingmatureassets #Galpdecarbonization #portugalnews #portugalbusinessnews #Galp #Somoil

Microsoft announced a partnership with CTT, Portugal’s national postal service on February 13th, that aims at innovating in the logistics sector. This new partnership will contribute towards accelerating the digital transformation and growth of Portugal’s logistics sector. The agreement between Microsoft and Portugal’s postal service has four main pillars, namely Technological Modernization for Business Transformation, Co-creation and Shared Innovation, Training and Capacity-Building for collaborators, as well as Sustainability and Social Impact. According to Andres Ortolá, Diretor Geral of Microsoft Portugal: “This strategic agreement is another step towards the urgent digital transformation of the Portuguese business sector. The partnership with CTT will address the challenges that are faced by the logistics sector.” The partnership will be based on the technology developed by Microsoft and will accelerate the leadership and innovation of CTT via physical as well as digital channels, while strengthening the social and environmental accountability. #MicrosoftpartnershipCTTPortugal #logisticssectorportugal #digitaltransformationportugal #digitalnewsportugal #potugalnews #portugalbusinessnews #MicrosoftPortugal #CTT

Governments from European countries are trying to mitigate inflation to help hard-hit consumers and companies. A Reuters report that analyses the situation provides an overview for Europe where rising energy prices have led to an EU gas price cap starting February 15, 2023. According to the Reuters report, Portugal will limit the rise in the regulated price of electricity next year to 3.3% for around 1 million households and small businesses. Other countries that have a price cap on electricity are Germany, the Czech Republic, Slovakia, the UK, France, Poland and Croatia. Other measures taken by other European countries include a 16% minimum wage increase for next year in Hungary, a 12.5% hike in state pensions from January for Romania, mortgage relief for more than 1 million vulnerable households for Spain, a total of EUR 21 billion next year on energy costs relief for Italy and banning consumer price rises from October 6 for Belarus. #HowEuropemitigatesinflation #inflationmeasureseurope #Reuters #inflationmeasuresportugal #portugalnews #portugalbusinessnews

Portugal is launching an interoperable Single Transport Card called “1Bilhete.pt”. The card, that will allow passengers to use all types of public transport throughout Portugal, will be operational in Coimbra for a trial period. The 1Bilhete.pt Single Transport Card will be linked to a national intermodal ticketing platform that will require an investment of EUR 2.7 million since each region has its own rates and a different system. Currently, people use a system that is not interoperable, whether they use a card or an app. The new platform that will be developed will integrate products and rates, with interoperability between the ticketing systems of Porto and Lisbon. This will require investment in technology, namely for selling and loading cards from different regions, as well as developing a new smartphone app. A smartphone will be used to load physical transport cards from different transport networks and it is expected that this new function will be operational in 2024. With reference to ticketing linked to debit and credit cards, a reference architecture will be designed and certified in 2024 for public procurement for each region. #1Bilhetept #interoperablesingletransportcard #singletransportcardportugal #intermodalticketingplatform #ticketingbankcard #transportportugal #portugalnews #portugalbusinessnews

Portugal has received the first of the 18 subway trains bought for nearly EUR 50 million from Chinese company CRRC Tangshan for the Porto metro. According to Railly News, this is the first time that a Chinese company is exporting an urban rail system vehicle to a European Union country. Zhao Bentang, the Chinese Ambassador to Lisbon, noted that the new type of subway train provided by CRRC Tangshang to the city of Porto sets an example that bilateral cooperation will further advance in the future, as a result of the concrete cooperation between China and Portugal. The Chinese subway train will be included in the network in May, following a period of stringent tests. Four other subway trains are expected to arrive in March, followed by 5 in July and 8 in September. The additional 18 subway trains have a maximum operating speed of 80 km/h and a seat capacity of 244 passengers, of which 64 can be seated. The Minister of the Environment and Climate Action, Duarte Cordeiro, who tried the train conductor’s seat, stated that the Government invested nearly EUR 950 million in the Porto Metro in the last few years. #CRRCTangshan #Portometro #subwaytrainsportugal #RaillyNews #urbanrailsystem #ChinaPortugaltrade #portugalnews #portugalbusinessnews

Portugal’s Metal Sector represents 30% of Exports and is one of the most dynamic sectors of the Portuguese economy. In 2022, exports from this sector reached a historical high with EUR 23,080 million, representing a 16.1% increase compared to 2021. Exports from the Metal Portugal brand increased by 10% in December 2022 compared to the same period in 2021 to reach EUR 1,706 million. Portugal’s Secretary of State for the Economy, Pedro Cilínio, met the leaders of the association for the metallurgical and metal-working industry, AIMMAP, on February 10th and visited the main companies in the sector, namely Adira Metal Forming Solutions and António Meireles, that have strengthened their position in the fields of innovation, sustainability and quality. The main growth markets for the Metal Portugal brand are Germany, Spain, France, the US, Angola, Ireland an Italy. #Portugalmetalsector #MetalPortugal #AIMMAP #AdiraMetalFormingSolutions #AntónioMeireles #madeinportugal #portugalnews #portugalbusinessnews

Portugal’s exports of goods grow by 23% in 2022 to reach EUR 78,325 million. Compared to figures for 2020, Portugal’s export of goods grew by 45.7%. The main export market is Spain, namely in the machines and apparatus sector, accounting for 26.1% of exported goods. The growth rate for exported goods to Spain is 19.9%. The other main export markets for the goods sector are France with 12.4% of exports that represents a growth rate of 16.4% and Germany with 10.9% of exports that represents a growth rate of 21.7%. Portuguese non-EU exports increased by 27.7% compared to 2021 and represents 29.5% of exports. The main non-EU export markets are the US with 6.5% of exports that represents a growth rate of 43.1% and the UK with 4.9% of exports. The main export sectors are mineral fuels with exports increasing by 79.9%, machines and apparatus that increased by 19.9%, vehicles and other transport equipment that increased by 15.4% as well as chemical products that increased by 32.6%. #Portugalexportsgoods #mineralfuelsportugal #machinesandapparatusportugal #vehiclesandtransportequipmentportugal #exportsportugal2022 #portugalnews #portugalbusinessnews

Portuguese footwear exports reach a record EUR 2,347 million with 76 million pairs exported in 2022. This represents an increase of 22.2% compared to 2021 according to APICCAPS. Growth figures per export market show an increase of 11.7% for Germany,15% for France and 25% for the Netherlands. Outside the EU, exports grew by 20% reaching EUR 392 million, with exports to the US growing by 52% in 2022. #Portuguesefootwear #Portuguesefootwearexports #APICCAPS #madeinportugal #portugalnews #portugalbusinessnews

Portuguese ethical hackers Ethiack were chosen for the Startup Wise Guys EUR 78,000 Accelerator program. The Startup Wise Guys Accelerator program will invest in 7 startups with a focus on cyber-security. The program is funded by Italian investment bank CDP and by Startup Wise Guys. Ethiack, that is based in Coimbra, Portugal, just launched a global platform for offensive security that connects organizations and hackers. It provides attack surface management, autonomous security testing and risk prioritization, while rewarding hackers for their hard work. The Ethiack portal provides a complete report of vulnerabilities as well as mitigation measures. Since 17% of cyber-attacks have targeted SMEs in 2022 compared to only 1% in 2021 according to ENISA, this will be especially useful for SMEs. #Ethiack #StartupWiseGuys #cybersecurity #CDP #ethicalhackers #cybersecurityportugal #digitalportugal #portugalnews #portugalbusinessnews

Portuguese wine exports reach a record high with EUR 941 M in 2022, that is a 5.75% growth in terms of value without Porto wine. Portuguese wine exports including Porto wine grew by 1.52% and ViniPortugal expects wine exports to reach EUR 1 billion in 2023. The main wine export market is France and exports are reaching new highs in terms of value with a growth rate of 1.56% to reach EUR 103.3 million. The USA ranks second with an export value of EUR 99.68 million. Growth markets for Portuguese wine exports are the USA, Canada and Angola according to ViniPortugal. Wine export figures for November highlights Angola as a major export market with a 5% growth rate excluding Porto wine. For Angola, the export value grew by 110% to reach EUR 46.3 million. Angola ranks 7th in the wine exports ranking for Portuguese labels. When wine exports are analyzed per region, Porto wine is still the leading category with EUR 295.7 million, despite the fact that exports fell by 4.9%. Portuguese Vinho Verde ranks second with EUR 77.8 million, that is a 6.8% growth; while Alentejo wine ranks third with EUR 73.2 million, that is a 13.4% growth. The highest growth rate per region is the Dão wine with EUR 19.7 million. #Portuguesewineexports #ViniPortugal #Dãowine #madeinportugal #portugalnews #portugalbusinessnews

Portuguese company Metalogalva Group is investing USD 6 M in Memphis, in the US state of Tennessee according to La Prensa Latina. An announcement on February 8th from the Tennessee Department of Economic and Community Development stated that Metalogalva Group is opening its first U.S. facility in Southeast Memphis, a $6 million plant that will employ 129 people, and that the average salary will be $47,000. “Our strong business climate and unmatched workforce make Tennessee the ideal place for global manufacturers like MSS Steel Tubes to thrive,” Governor Bill Lee said in a statement, adding “I thank this company for its commitment to job creation across Memphis and look forward to this company’s continued success.” MSS Steel Tubes USA is a subsidiary of MSS Steel Tubes SA, which is owned by Portugal-based Metalogalva Group in partnership with Brazil-based Soufer Group. Metalogalva has a turnover of EUR 147 M. According to the La Prensa Latina report, the facility will be used as a distribution and manufacturing hub for MSS Steel Tubes that produces parts for solar panel manufacturers. The Greater Memphis Chamber of Commerce plans to add 50,000 additional jobs and 700 advanced industry companies to the Memphis market by 2030. #MetalogalvaGroup #MSSSteelTubes #portugalnews #portugalbusinessnews

Galp is building a network of 5,000 EV charging points in Portugal and Spain. Galp intends to extend its Portuguese network of electric charging points by 150% according to Negócios. The company has partnered with IKEA to build the largest network of electric charging points in Portugal. Galp is a market leader in the supply of EV charging points and its infrastructure includes chargers of 7,4 KW, 22 KW and 60 KW DC. With around 2,000 points already operational, the goal is to reach 10,000 points by 2025 to cover the whole Iberian peninsula. #Galp #EVchargingpoints #IKEA #electricvehiclesportugal #portugalnews #portugalbusinessnews