US EditionGalp, Moeve in Talks to Combine Refining, Fuel Retail Businesses
The joint ventures will combine refining, petrochemicals, supply, and 3,500 retail sites, aiming to create two leading energy companies in Iberia with nearly 700,000 barrels daily processing capacity.
- On Thursday, Galp Energia SGPS SA said it is holding early discussions with Moeve's owners about combining downstream assets in the Iberian Peninsula through two joint ventures focused on retail and industrial activities.
- Galp and Moeve bring complementary footprints, with Galp as Portugal's largest fuel retailer and Moeve owning three refineries in Spain while developing hydrogen and low‑carbon projects.
- Nearly 700,000 barrels a day of capacity would be combined across three sites in the industrial joint venture, while the retail joint venture would merge Galp and Moeve's networks into about 3,500 service stations, with Galp's participation about 20%.
- The companies say the deal remains subject to final agreements and approvals, with due diligence and regulatory approvals ongoing and a potential agreement by mid 2026; retail joint venture stakes will be broadly balanced, while Moeve holds a larger industrial share.
- Moeve's ownership by Mubadala Investment Co. and Carlyle Group Inc. links the talks to major investors, while Galp said the aim is to create two leading energy companies in the Iberian Peninsula.
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Moeve and the Portuguese company Galp have reached a non-binding agreement to advance the negotiations on the potential integration of their downstream businesses -refining and distribution and sale in service stations. Thus, the objective of this strategic alliance is to gain a joint scale in an increasingly competitive sector and thus form a European champion in the Iberian Peninsula. Thus, according to Moeve in a statement, this joint venture…
Moeve and Portuguese Galp have reached a non-binding agreement to advance negotiations on...
Cadena SER
El Progreso de LugoThe proposed integration aims to strengthen the strategic relevance of these refineries for both Spain and Portugal.
With the oil business and the ongoing refining of Donald Trump's entry into Venezuela to control his oil reserves, Spain has seen a real tsunami with the announcement that Moeve (the former Cepsa) and the Portuguese-born company Galp are negotiating to create a mega-company operating in the Iberian Peninsula where industry and its new developments will play a key role.
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