Galp Energia   is an integrated oil and gas company based in Portugal. Amorim Energia, Eni and Caixa Geral de Depósitos (CGD) are major shareholders in the company in addition to private and institutional shareholders. Galp was incorporated on 22 April 1999 under the name of GALP - Petróleos e Gás de Portugal, SGPS, S.A. to exploit the oil and natural gas business following restructuring of the energy sector in Portugal. Galp merged Petrogal, the only refining company and main distributor of oil products, and Gás de Portugal (GDP), an importer, transporter and distributor of natural gas in Portugal.

At 31 December 2010 the Galp Group was made up of Galp and its subsidiaries, which include, among others: (i) Petróleos de Portugal – Petrogal, S.A. (“Petrogal”) and its subsidiaries, which operate upstream and downstream in the crude oil and related derivatives sector; (ii) GDP – Gás de Portugal, SGPS, S.A. and its subsidiaries, which

operates in the natural gas sector; (iii) Galp Power, SGPS, S.A. and its subsidiaries, which operate in the electricity and renewable energy sector; and (iv) Galp Energia, S.A. which integrates the corporate support services.

Amorim Energia has its head office in the Netherlands and its shareholders are Power, Oil & Gas Investments BV (30%), Amorim Investimentos Energéticos SGPS SA (20%), Oil Investments BV (5%) and Esperaza Holding BV (45%). The first three companies are directly or indirectly controlled by Portuguese investor Américo Amorim, and the last one is controlled by   Sonangol , EP, Angola's state-owned oil company. CGD is Portugal's largest financial institution and is wholly owned by the Portuguese state.

Parpública manages the Portuguese state's shareholdings in several companies. In September 2010, Parpública issued seven-year bonds with a fixed coupon of 5.25%. These debt instruments are exchangeable into Galp Energia shares and the issue was part of the privatisation of an additional 7% of Galp Energia's share capital. In late 2010, 25% of the shares were freely traded on the market. The largest part of this free float - close to 80%, or 20% of the shares outstanding - was owned by institutional investors. Private investors owned the remainder, or 5% of the total. This distribution between institutional and private investors has been stable since 2008.