Galp sees 100,000 jobs from Matosinhos redevelopment

Galp expects its planned Innovation District on the site of the former Matosinhos refinery to generate about €2 billion a year for the Portuguese economy over 30 years and create 100,000 jobs, according to a PwC study. The project would turn a former industrial site into a large mixed-use development focused on innovation, education and economic activity.

According to the study, the redevelopment could generate around €65 billion in cumulative impact on Portugal’s GDP over three decades, starting from the beginning of construction. The same period would also bring a cumulative fiscal impact of up to €9 billion nationally and €400 million locally. Construction is expected to take about four years once it begins.

For Matosinhos, the study estimates cumulative gross value added of €43 billion, with annual impact rising above €3 billion once the project reaches maturity. Of the 100,000 jobs projected nationwide, about 65,000 are expected to be concentrated in the municipality of Matosinhos.

Galp’s plan for the site combines housing, business activity, teaching and research, including a university hub, as well as leisure areas and green spaces. In a scenario balancing residential and economic uses, the district could host about 19,000 residents and 30,000 students.

The former refinery’s closure was announced at the end of 2020. A protocol for the Innovation District was signed in February 2022 by Galp, the Matosinhos municipality and the North regional coordination body, while Dutch firm MVRDV was later selected to develop the urban regeneration project. Demolition of the old industrial complex began in 2023, and Galp expects the second phase to be completed by December 2026, after which the new development could move forward.

Originally published at Eco.pt