Galp and Moeve to Merge Downstream Operations for European Energy and Mobility Leadership
- The merger aims for completion by mid-2026, pending final agreements and approvals.
- RetailCo will operate around 3,500 service stations in Iberia, with oil product sales over 6.5 mton in 2025.
- IndustrialCo will have a crude processing capacity of nearly 700 kbpd across three sites.
- The venture includes Galp's low-carbon projects and Moeve's Andalusian Green Hydrogen Valley.
Merger Overview
Galp and Moeve are negotiating to merge their downstream activities to form leading energy and mobility platforms in Europe. The merger aims to enhance value, scale, and strategic positioning by leveraging complementary competencies and expertise.
Strategic Focus
Galp will concentrate on its core positions in Upstream, Renewables, and Supply & Trading of oil, gas, and power. The merger is expected to clarify strategy, increase free cash flow, and improve capital returns to shareholders.
Transaction Details
The transaction is subject to final agreements, due diligence, and corporate approvals, with completion expected by mid-2026. It also requires third-party authorizations and regulatory approvals.
RetailCo and IndustrialCo
RetailCo, co-controlled by Galp and Moeve, will operate around 3,500 service stations in Iberia, with oil product sales projected to exceed 6.5 mton in 2025. IndustrialCo will focus on refining, petrochemicals, and supply activities, with a crude processing capacity of nearly 700 kbpd across three sites.
Green Initiatives
The merger includes a strong pipeline of green-molecule projects, such as Galp's low-carbon projects and Moeve's Andalusian Green Hydrogen Valley, which plans to develop two green hydrogen production hubs.
Independent Operations
Both companies are expected to operate independently, generating synergies and operational efficiencies while pursuing growth opportunities and advancing energy transition solutions.
Source: Galp