Moeve and Galp negotiate to combine downstream activities

Moeve and Galp have reached a non-binding agreement to advance detailed discussions on the potential combination of their downstream portfolios with the aim of creating two leading energy companies in the Iberian Peninsula.
The discussions will assess the potential creation of two European energy platforms: an industrial platform focused on refining, chemicals, trading, green molecules and low-carbon fuels, serving B2B customers (IndustrialCo); and a mobility platform focused on fuel retail and convenience, serving retail and mobility customers and supporting the development of next-generation mobility solutions.
The proposed combination brings together complementary assets, capabilities and teams across Spain and Portugal, with the objective of enhancing scale and investment capacity, while supporting the energy transition and strengthening the resilience, reliability and competitiveness of the Iberian energy system.
“This potential combination represents a unique opportunity to strengthen the role of the Iberian Peninsula in the energy transition by creating platforms with the scale, resilience and investment capacity required to deliver change at pace.
“By bringing together industrial excellence, downstream reach and a strong pipeline of low-carbon projects, we aim to attract long-term capital and accelerate the deployment of solutions that support competitiveness, decarbonisation and economic growth.
“At Moeve, we believe that disciplined investment, technological innovation and long-term partnerships are essential to ensure that the energy transition translates into thriving, future-proof businesses for the region,” said Maarten Wetselaar, CEO of Moeve.
“I am extremely pleased that we have reached this preliminary agreement and launched such a major strategic discussion.
“Galp’s growth vision has always been based on partnerships with highly credible operators that have consistently proven to be value accretive.
“By combining Galp’s and Moeve’s complementary capabilities and expertise on downstream operations, we have the opportunity to create major European players in Iberia, each benefiting from greater focus, tailored capital allocation, and key flexibility to drive sustainable growth and value,” said Paula Amorim, chair of Galp.