In Spain, Spanish firm Moeve and Portuguese energy company Galp announced that they 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 (including EV charging) and convenience, serving retail and mobility customers and supporting the development of next-generation mobility solutions (RetailCo). The RetailCo will be co-controlled by Moeve’s current shareholders and Galp.
Moeve noted that the proposed industrial combination brings together highly competitive refining assets that benefit from coastal access and integrated logistics, positioning the platform well for the development of green hydrogen and other green and low-carbon molecules.
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