EMEA News
Moeve Sees Galp Downstream Merger Deal in Second Half of 2026
Spanish energy firm Moeve and Portugal's Galp are aiming to sign an agreement on their proposed downstream merger in the second half of 2026.
Talks between the companies are continuing to progress, Moeve said in its first-half financial results on Friday.
Ship & Bunker had reported in January that the two companies were exploring a potential merger of parts of their downstream businesses.
"We have made strong progress with the proposed downstream merger with Galp and expect to sign definitive agreements in the second half of the year," Maarten Wetselaar, CEO of Moeve, said.
The deal remains at a non-binding stage and would need corporate and regulatory approvals before going ahead.
Moeve said the proposed combination could strengthen the companies' position in the Iberian energy market.
The update came as Moeve reported clean CCS EBITDA of €1.18 billion for the first half of 2026, while net income rose 41% from a year earlier to €458 million.
In the marine fuels market, Galp supplies bunker fuels in Portugal, including biofuels and LNG, while Moeve supplies in Spain.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 876.50 | 22.50 | 1323.00 | 44.50 |
| Rotterdam | 700.00 | 19.00 | 1408.50 | 8.50 |
| Houston | 739.00 | 13.50 | 1384.00 | 19.50 |
| Fujairah | 960.00 | 15.50 | 1694.00 | 18.50 |
| EMEA Average | 867.50 | 6.00 | 1723.00 | 13.50 |
| Global 20 Ports Average | 873.00 | 12.50 | 1541.00 | 19.00 |
| Global 4 Ports Average | 819.00 | 18.00 | 1452.50 | 23.00 |
| Global Average Bunker Price | 925.50 | 3.50 | 1603.50 | 7.00 |
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