Moeve, Galp in Talks to Combine Downstream Businesses into Two Energy Platforms

Moeve and Galp have entered detailed discussions on a potential combination of selected downstream activities in Spain and Portugal, with the objective of creating two large-scale energy platforms designed to strengthen competitiveness, investment capacity, and energy transition capabilities across the Iberian Peninsula.

The discussions are based on a non-binding agreement and focus on separating industrial and retail activities into two distinct but complementary entities, while both companies continue to operate independently during the negotiation process.

Two-platform structure under consideration
The proposed structure evaluates the creation of two European energy platforms with clearly defined roles. The first, referred to as IndustrialCo, would integrate refining, chemicals, trading, and the production of green and low-carbon molecules such as biofuels and hydrogen. This platform would primarily serve B2B and industrial customers and focus on transforming existing assets into multi-energy hubs.

The second platform, RetailCo, would concentrate on fuel retail, electric vehicle charging, and convenience services. It would serve end consumers and mobility customers, supporting the deployment of next-generation mobility solutions across Spain and Portugal.

Under the current proposal, Moeve’s shareholders, Mubadala and Carlyle, would hold a controlling interest in IndustrialCo, with Galp retaining a stake above 20 percent. RetailCo would be jointly controlled by Moeve’s shareholders and Galp. Other Galp businesses, including upstream operations, renewables, and oil, gas and power supply and trading, are explicitly excluded from the scope of the discussions.

Strengthening industrial scale and low-carbon investment
The potential industrial combination is designed to enhance scale and capital deployment capacity at a time when refining and industrial assets face increasing pressure to decarbonize. The combined platform would bring together coastal refining assets with integrated logistics, positioning them for the development of green hydrogen, advanced biofuels, and other low-carbon molecules.

By consolidating assets and expertise, IndustrialCo is intended to accelerate the conversion of conventional refining sites into integrated multi-energy hubs, supporting industrial competitiveness, energy security, and decarbonization in hard-to-abate sectors. The structure aims to attract long-term industrial investment while reinforcing the strategic relevance of Iberian refining infrastructure.

Pan-Iberian mobility and retail expansion
RetailCo would combine the service station networks of both companies to form a pan-Iberian footprint of approximately 3,500 sites across Spain and Portugal. The enlarged network is expected to improve customer reach, convenience, and service offerings, including food-to-go and digital mobility services.

The scale of the combined retail platform would also support faster investment in EV charging infrastructure and alternative mobility solutions, contributing to the transition toward cleaner transport in the region.

Governance, continuity, and next steps
Both Moeve and Galp emphasized that all discussions remain preliminary. Any potential transaction would be subject to final agreements, corporate approvals, and regulatory authorizations. During this period, both companies will maintain full operational continuity, including supply, customer service, and employment conditions.

No final decisions have been taken, and the companies have committed to transparent communication with stakeholders in line with legal and disclosure requirements.

Strategic positioning for the energy transition
Executives from both companies highlighted the proposed structure as a means of aligning scale, focus, and capital allocation with Europe’s evolving energy needs. By separating industrial transformation from retail mobility, the model aims to create two specialized platforms capable of responding more effectively to regulatory, technological, and market shifts.

If realized, the combination would represent one of the most significant downstream restructurings in the Iberian energy sector, positioning the region as a hub for low-carbon fuels, integrated refining, and next-generation mobility services.

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