Lisbon, Jan. 23, 2026 (Lusa) - The minister for the environment and energy on Friday assured that the Portuguese Government is coordinating and acknowledged that it would be a better solution if Portugal retained control of the Sines refinery, but pointed out that there are rules in the market.
Questioned by journalists on the sidelines of a conference in Lisbon about statements made by the minister of the economy, who considered that it would be better if the Sines refinery continued to be controlled from Portugal, Maria Graça Carvalho assured that the mechanisms are "coordinated at government level".
"From the point of view of energy independence, it is a better solution, we will look at the mechanisms that exist," she reiterated, regarding the possibility of Portugal controlling the refinery.
However, "we are in an internal market with its own rules, in the World Trade Organisation," she said, indicating that the proposed merger agreement between Galp and Spain's Moeve is "something that is being studied and closely monitored by the prime minister, the minister of finance, the minister of the economy" and herself.
These four members of the Government will "look at the tools that exist," and any decision will then be communicated "jointly by the entire Government," she assured.
On Wednesday, the minister of the economy and territorial cohesion considered that it would be better if the Sines refinery continued to be controlled from Portugal, but acknowledged that the negotiations between Galp and Moeve are taking place 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.
The State holds 8.2% of Galp's share capital through the state holdings company, Parpública.
At issue is the non-binding agreement signed between Galp and the shareholders of Moeve (formerly Cepsa) - the 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 Portugal's energy supply.
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