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The Partex president, António Costa e Silva, has confirmed that the oil company is abandoning its concessions off the Algarve coastline as it prepares to continue corporate life under a new owner, the Chinese CEFC group.
The Gulbenkian Foundation’s trustees decided to sell their fully-owned oil company as they pursue a policy of divestment from sunset industries to sunrise ones, leaving the new Chinese owners to extract wealth from the slowly dying oil sector.