Lisbon, July 15, 2026 (Lusa) - The minister of finance said on Wednesday that the Portuguese Government is monitoring the merger of energy company Galp and Spain's Moeve refining and marketing businesses and that it will do everything in its power to “protect the strategic interests of the Sines refinery”.

When asked about the merger of the two companies during a hearing before the Committee on the Budget, Finance and Public Administration, Joaquim Miranda Sarmento gave assurances that the Government is monitoring the process.

“We will do everything within the bounds of the law and the State’s remit to protect the strategic interests of the Sines refinery,” he promised.

He pointed out that a state governed by the rule of law “must act in accordance with the law”, but said that the government will not fail to “do everything possible to protect the long-term strategic interests of the only refinery Portugal still has, following the closure of the Matosinhos refinery”.

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, Galp said on Monday.

In a statement to the Portuguese Securities Market Commission, 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 anticipated that a potential agreement will be signed during the second half of 2026”.

The agreement under discussion with Moeve (the former Cepsa) provides for the creation of two separate business platforms: one dedicated to fuel retail and mobility, which will bring together the service 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).

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 the national energy supply.

MES/AYLS // AYLS

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