Galp targets Moeve deal signing by end of July

Galp aims to sign an agreement with Spain’s Moeve on the merger of their downstream portfolios by the end of July, co-CEO João Diogo Marques da Silva told ECO, in a deal that would reshape fuel refining and retail in Iberia. He said the company’s discussions with the Portuguese government are currently centred on safeguarding fuel supply in Portugal.

The Portuguese oil company and Moeve’s shareholders, Mubadala Investment Company and The Carlyle Group, said on January 8 they had reached a non-binding agreement to pursue detailed talks on combining their downstream assets, including refineries and service stations. Galp said at the time it would hold about 50% of a new retail platform with 3,500 service stations across Iberia and at least 20% of a new industrial company covering refining and trading, if a final deal is reached.

Marques da Silva said the process remains on schedule and that both companies’ teams are moving toward the end of the negotiations. He said Galp still intends to secure a firm signature by mid-year, before moving into the usual approval phase for this type of transaction.

The deal has drawn political attention in Portugal because it includes Sines, a refinery seen by ministers as relevant to the country’s economy and energy sovereignty. Marques da Silva said Galp has a “very strong flow and proximity” with the government and that the talks are focused on ensuring competitive assets remain operational and resilient over time.

Separately, the executive said there is “no reason for alarm” over jet fuel supply for aviation despite disruption linked to the war in the Middle East. He said around 80% of domestic demand is typically met by national production, while Galp has been bringing purchases forward, increasing stocks and reinforcing logistics flexibility.

Originally published at Eco.pt