Moeve and Galp to combine downstream portfolios in Spain and Portugal

In Spain, 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 (including EV charging) and convenience, serving retail and mobility customers and supporting the development of next-generation mobility solutions (RetailCo). Moeve’s current shareholders, Mubadala and Carlyle, will hold a controlling interest in the Industrial Combination, with Galp holding above 20%. The RetailCo will be co-controlled by Moeve’s current shareholders and Galp. The proposed combination excludes other Galp businesses, such as Upstream, Renewables, Supply & Trading of oil, gas and power.

In particular, the IndustrialCo is designed to play a central role in attracting long-term industrial investment to the region and accelerating the transformation of existing refining and industrial assets into integrated multi-energy hubs. These assets will support the development and deployment of low-carbon fuels and solutions, contributing to the reindustrialization of the Iberian Peninsula, reinforcing energy security, and supporting decarbonization objectives in hard-to-abate sectors.