Lisbon, July 14, 2026 (Lusa) - The agreement between Galp and the Spanish company Moeve to merge their refining and marketing businesses is expected to be finalised in the second half of this year, the Portuguese oil company has announced.
In a statement to the Portuguese Securities Market Commission (CMVM), on Monday evening, reporting on the update to its second-quarter operating figures, Galp indicated that “discussions with Moeve’s shareholders continue to progress constructively, with all parties remaining committed to moving forward with a transaction that would create significant strategic and financial value”.
According to the group, “given the scale of the proposed integration, it is now expected that any agreement will be signed during the second half of 2026”.
The company emphasised that its focus “remains on ensuring that any transaction creates long-term value for all its stakeholders”, as well as “providing the appropriate financial, governance and operational framework for the combined businesses”.
The agreement under discussion with the former Cepsa provides for the creation of two separate business platforms: one dedicated to fuel retail and transport, which will bring together the service station networks and 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).
In this industrial platform, Galp will hold a minority stake of more than 20%, whilst the majority of the capital will be held by the shareholders of the Spanish company Moeve.
Among the assets potentially to be included is the Sines refinery, considered strategic for Portuguese energy supply.
Galp recorded an average production of 127,000 barrels of oil equivalent per day in the second quarter, a year-on-year increase of 12%, with the refining margin more than doubling to $16.8 per barrel.
According to the trading update, in the upstream segment (exploration and production), crude oil accounts for 88% of total production, up slightly on both the previous quarter and the same period last year.
In the industrial and midstream segment (transport and storage), the volume of raw materials processed rose by 7% year-on-year to 22.6 million barrels of oil equivalent and increased by 21% compared with the previous quarter.
The refining margin more than doubled compared with the same period last year, rising from $6.1 to $16.8 per barrel.
Supplies of petroleum products reached 3.9 million tonnes, a 5% year-on-year fall but a 9% quarter-on-quarter increase. Natural gas rose again, with supply and trading volumes growing by 6% year-on-year to 19.7 terawatt-hours (TWh).
In terms of sales to customers, petroleum products fell by 5% year-on-year, whilst natural gas sales rose by 11% and electricity sales increased by 21%.
In the renewable energy sector, installed capacity stood at 2.3 gigawatts, up 39% both year-on-year and month-on-month. Renewable energy production sold totalled 888 gigawatt-hours, an increase of 12% year-on-year and 89% quarter-on-quarter.
Galp will present its results for the second quarter of this year on 27 July, before the market opens.
ALN/AYLS // AYLS
Lusa
