EMEA News
Moeve and Galp Explore Potential Downstream Portfolios Merger
Spanish energy firm Moeve and Portugal-based Galp are exploring a potential merger of parts of their downstream businesses.
The discussions are centered on combining selected downstream assets into two energy companies in the Iberian Peninsula, Moeve (formerly Cepsa) said in a press release on Thursday.
One would be an industrial business covering refining, chemicals, trading and low-carbon fuels such as biofuels and hydrogen, mainly serving industrial customers.
The second would be a retail and mobility business focused on fuel stations, EV charging and convenience services for consumers.
If the proposal moves forward, the retail business would combine both companies' service-station networks into a pan-Iberian network of around 3,500 sites.
The industrial business would bring together key refining and industrial assets to invest in cleaner fuels and transform sites into integrated multi-energy hubs.
Moeve's shareholders would control the industrial platform, while the retail platform would be jointly controlled with Galp.
Both companies said they will continue to operate independently while discussions continue.
Any transaction would be subject to final agreements, corporate approvals and regulatory clearances, with a potential deal not expected before mid-2026.
In the marine fuels market, Galp supplies bunker fuels in Portugal, including biofuels and LNG, while Moeve supplies in Spain.
