“The objective is to privatise TAP, but not at any cost. It is necessary to guarantee strategic routes, the hub in Lisbon, the headquarters in Lisbon, and the investment capacity in the future. It is a strategic company for Portugal”, said Miguel Pinto Luz.

The government official confirmed that he has participated in meetings with potential interested parties in the purchase of TAP, such as Air France-KLM, IAG (British Airways) and Lufthansa, and that the executive's intention is to close this process “by the end 2025”.

“The intention is to reach 100% privatisation, but we have to listen to the market. We have to value the company's assets and maximise the proceeds from the sale, with a strategy to return to the Portuguese the 3.2 billion euros that were injected by taxpayers”, said Miguel Pinto Luz.

The Minister of Infrastructure considered that the country “has to look responsibly at this value [3.2 billion euros]”, but, at the same time, ensure certain premises.

“It is necessary to guarantee the strategic routes, the hub in Lisbon, the headquarters in Lisbon, and the capacity to invest in the company in the future. TAP's value lies in its human capital, then the routes to North and South America are TAP's assets that we cannot alienate at any price”, he stressed.

Asked about the stake positions in the company that potentially interested groups intend to stay in, Miguel Pinto Luz said that there are several alternatives on the table.