Moeve and Galp End Talks on Downstream Merger

by Ship & Bunker News Team
Monday October 26, 2026

Spanish energy firm Moeve and Portugal’s Galp announced on Monday that they had ended talks on a proposed combination of their downstream businesses in the Iberian Peninsula after failing to agree on final terms.

The two companies announced a non-binding agreement on January, to explore creating two independent platforms from their downstream operations.

However, they said the discussions did not result in terms that met their respective criteria for a long-term partnership that could create value.

“Moeve and Galp did not reach final terms that met their respective criteria to support an enduring and value-accretive partnership,” Moeve said in a press release.

Moeve will continue to focus on its Positive Motion strategy, which aims to establish the Spanish energy company as a European leader in green molecules and sustainable mobility by 2030.

“The potential downstream combination with Galp represented an opportunity to accelerate value creation, but it was never a condition for its delivery,” Maarten Wetselaar, CEO of Moeve, said.

“Following extensive discussions, it was not possible to reach a commercial agreement with Galp.”

“We remain fully focused on executing our transformation with financial discipline and delivering sustainable long-term value”.

Ship & Bunker News Team
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