Minister on the Galp deal: “It would have been better for us to have a refinery wholly controlled by Portugal”
“The government has to follow the negotiations and preserve the maximum of our sovereignty in energy matters,” said the Minister of Economy about the deal being prepared between Galp and Moeve.
The Minister of Economy and Cohesion argued on Tuesday that it would be preferable for Portugal to continue to control the only refinery in the country, in response to the planned merger of businesses being negotiated between Galp and the Spanish company Moeve.
“It would have been better for us to have a refinery wholly controlled by Portugal,” Castro Almeida stated at the conference “10 Years Conversa Capital”, organised by Antena 1 and Jornal de Negócios.
Galp announced on 8 January that it is in talks with the shareholders of Moeve to merge the distribution and refining businesses of the two companies. In the latter case, Galp would hold only around 20% of the capital of the new entity.
“We are talking about strategic sectors. It is the only Portuguese refinery. Therefore it has a relevant weight in our economy and sovereignty. The company is aware of that,” Castro Almeida pointed out, noting, however, that this is “an investment between private companies that we must respect”.
“In discussions, this is on the table. The government must accompany the negotiations and preserve as much of our energy sovereignty as possible,” the minister also said. “This is not something to be demanded — it is something to be discussed, persuaded.”
“We will manage to find a balanced solution that safeguards Portugal’s interests,” he said, hopeful. Castro Almeida appeared more comfortable regarding competition issues and the defence of workers’ rights.