Lisbon, Oct. 14, 2024 (Lusa) - The refining margin of Portugal's Galp Energia in the third quarter fell 39% from the previous quarter, to $4.70 (around €4.30) per barrel, and was down 68% on the same period of last year, according to a statement sent on Monday to Portugal's Securities Markets Commission (CMVM) on the company's operating performance in the third quarter.

In the third quarter of last year, Galp's refining margin had risen 90% year-on-year and stood at $14.60 per barrel, while in the second quarter of this year Galp's refining margin was $7.70 per barrel.

The refining margin is the difference between the cost of purchasing oil and the selling price of refined products such as petrol and diesel.

Galp's production of oil products in the third quarter fell 5% on the previous quarter, to 4.1 million tonnes, up 5% on a year earlier.

Production of natural gas and liquefied natural gas and volumes traded was up 10% on the previous quarter to 12.0 terawatt hours (TWh), but this was down 8% year-on-year.

With regard to renewable energy, production rose 12% year-on-year to 853 gigawatt hours (GWh), while the sale price of renewable energy was €48 per megawatt hour (MWh), representing a year-on-year drop of 38%.

In the commercial area, sales rose year-on-year in the third quarter for oil products (1%), natural gas (18%) and electricity (88%).

MPE/ARO // ARO.

Lusa