Moeve and Galp have ended talks on combining their refining and distribution businesses in the Iberian Peninsula. The companies failed to agree final terms after January’s nonbinding agreement. Moeve says its energy transformation will continue independently; Galp says the termination leaves its existing operations and standalone downstream investment plans intact.
Moeve, an Iberian energy company, and Portuguese energy company Galp have ended negotiations to combine their refining and distribution businesses in Spain and Portugal. Their nonbinding agreement of 8 January envisaged two independent platforms. The parties said they could not reach final terms that met their criteria for a lasting partnership.[1], [2]
Galp said the termination did not affect its current operations and that it maintained its investment plans. Moeve chief executive Maarten Wetselaar said Positive Motion, the company’s energy transformation strategy, had always been a standalone plan. The proposed Galp combination was an opportunity to accelerate its implementation, he said.[1], [2]
Moeve said construction had begun on its green hydrogen project for industrial energy production, with initial capacity of 300 MW and investment exceeding 1 billion euros. Its second-generation biofuels complex, representing 1.2 billion euros of investment, is scheduled to start operating in 2027. The company said it had sold more than 70 percent of its oil exploration and production assets and allocated two-thirds of capital spending to industrial energy transition projects. Its transformation strategy targets 2030.[1]
