Lisbon, Jan. 21, 2026 (Lusa) - The minister of the economy and territorial cohesion said on Wednesday that it would be better if the Sines refinery, on the Alentejo region coast, continued to be controlled from Portugal, but acknowledged that the negotiations between Galp and Spain's Moeve are between two private companies.
"The Government was cautious, as it should be, and the minister for the environment was also cautious. She said that there were advantages and disadvantages, or pros and cons.
We are aware of both. You can look at this operation as a glass half full or half empty, but it's better than being left without a refinery," said Manuel Castro Almeida during his participation in the 10 Years of Capital Conversation conference, taking place in Lisbon.
‘It would be better to have a refinery that is fully controlled from Lisbon. Now, the point is this: we are talking about business between private companies,’ added the minister, stressing that energy is a strategic sector.
The State, through the Parpública holding company, owns 8.2% of Galp's capital.
The minister also said that the government's duty "is to monitor the negotiations and seek, as far as possible, to ensure maximum preservation" of sovereignty in energy matters.
"This is the concern we must have. And I will also say one thing: if we want to exercise this concern well, the less we talk about it publicly, the better," he stressed.
The solution, in his view, is to dialogue, persuade and convince people and make them understand that "sometimes the immediate interest of the company may not be the same as its own long-term interest".
"We will achieve a balanced solution that safeguards Portugal's strategic interests as much as possible," he predicted.
At issue is the non-binding agreement signed between Galp and the shareholders of Moeve (formerly Cepsa) - Mubadala Investment Company, the sovereign wealth fund of the United Arab Emirates, and the US fund The Carlyle Group - to move forward with discussions on merging their respective downstream portfolios (refining, petrochemicals and fuel sales) in the Iberian Peninsula.
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 Moeve shareholders. Among the assets potentially included is the Sines refinery, considered strategic for national energy supply.
JO/AYLS // AYLS
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