Luanda: Angolan President Joo Lourenço has authorized the sale of 60% of the shareholding that the State indirectly holds in the Porto Amboim Shipyard (PAENAL) located in Cuanza-Sul province. According to Presidential Decree 368/25, published in the Official Gazette, number 245, Series I, of December 31, 2025, which ANGOP had access to on Monday, the shareholding that the State indirectly holds in PAENAL, through SONANGOL, will be transferred to an identified strategic and technological partner. The decree grants authority to the Minister of Finance, Vera Daves, with the power to subdelegate, to coordinate with the Ministry of Mineral Resources, Petroleum and Gas. This is to ensure all decision-making and supervisory approval acts, verify the validity and legality of the entire procedure for the sale of the aforementioned shareholdings. The order emphasizes the necessity to revitalize PAENAL's facilities in Porto Amboim to support operations in the oil sector, create jobs, develop small businesses supporti ng naval services, and reduce regional disparities. "Considering that, in order to do so and given the high level of investment required to revitalize the asset, it appears essential to sell part of the share capital that the State holds through SONANGOL, in PAENAL - Porto Amboim Estaleiro Navais Limitada," the document states. It explains that the measure arises from the failure to conclude the privatization of PAENAL authorized in Presidential Decree 250/19, of August 5, due to the unsuccessful outcome of the previously opened public tender. The public tender, launched on December 19, 2023, by SONANGOL, identified a strategic and technological partner to revitalize PAENAL's infrastructure for developing an integrated naval and industrial operations hub to support the oil sector, through an investment plan focused on financial sustainability. PAENAL was inaugurated in 2008 with the objective of developing a shipyard focused on local content and enhancing Angola's manufacturing capacity. Initially, it was a joint venture between Sonangol with 40 percent and SBM with 30 percent. In 2010, the South Korean company DSME joined the venture with a 30 percent stake. Located in Porto Amboim, 280 kilometers south of Luanda, PAENAL is focused on local content construction supporting the offshore oil and gas industry. It is a modern complex dedicated to the fabrication and construction of facilities and services for the oil and gas sector, occupying an area of 27 hectares.