Lisbon, March 2, 2026 (Lusa) - Portugal's oil and energy company, Galp, expects to conclude the final agreement with Moeve in mid-2026 to combine refining and marketing businesses in the Iberian Peninsula, a process that still depends on final negotiations and regulatory approvals.
"We expect to reach a final agreement in mid-2026," said the company's co-CEO, João Diogo Marques da Silva, on Monday at the presentation of the 2025 results to analysts, adding that the parties have already reached preliminary agreements and are still "discussing further details."
According to the manager, the process has not yet entered the regulatory approval phase, which is expected to include competition and foreign investment assessments.
The agreement under discussion with the former Cepsa provides for the creation of two separate business platforms: one dedicated to fuel retail and mobility, which will bring together the filling station networks and will be jointly controlled by Galp and Moeve, and an industrial platform focused on refining, petrochemicals, trading and low-carbon fuels (such as biofuels and hydrogen).
Galp will have a minority stake of over 20% in this industrial platform, while the majority of the capital will remain in the hands of the shareholders of Spain's Moeve. Among the assets potentially included is the Sines refinery, considered strategic for Portugal's energy supply.
During the conference call, co-CEO João Diogo Marques da Silva highlighted that the assets of the two companies are highly complementary, benefiting from the integration of logistics chains and retail networks, and pointed out that global studies indicate potential synergies of at least 10%.
"We believe that our assets, both Galp and Moeve, are highly complementary," he said, adding that the goal is to achieve synergies from the first year after the transaction is completed.
Galp posted a record net profit of €1.15 billion in 2025, up 20% from the previous year.
The performance was driven by oil and gas production in Brazil and natural gas sales, despite the decline in oil and the US dollar and the scheduled maintenance shutdown of the Sines refinery.
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