Moeve and Galp negotiating downstream split to form IndustrialCo and RetailCo

Deal structure

Moeve and Galp have agreed to advance detailed discussions on a potential combination of downstream assets to create two independent Iberian energy platforms: an industrial platform (IndustrialCo) focused on refining, chemicals, trading and low‑carbon molecules, and a mobility/retail platform (RetailCo) focused on fuel retail, EV charging and convenience services.

IndustrialCo focus

The proposed IndustrialCo would consolidate highly competitive coastal refineries and integrated logistics across three industrial sites, with aggregated crude processing capacity close to 700 kbpd. It is positioned to develop green hydrogen, biofuels and other low‑carbon molecules, and to convert refining sites into integrated multi‑energy hubs to support decarbonisation and hard‑to‑abate sectors.

RetailCo focus

RetailCo would merge the companies’ service‑station networks into a pan‑Iberian retail business of roughly 3,500 sites, aiming to enhance customer offerings, food‑to‑go, EV charging rollout and mobility services. Aggregated oil product sales for the combined retail network are estimated to exceed 6.5 million tonnes in 2025.

Ownership, exclusions and next steps

Moeve’s current shareholders, Mubadala and Carlyle, are proposed to hold a controlling interest in IndustrialCo while Galp would hold above 20%; RetailCo would be co‑controlled by Moeve’s shareholders and Galp. The proposal excludes Galp upstream, renewables and supply & trading businesses. Any transaction remains subject to negotiation of final agreements, corporate approvals and regulatory authorisations, with a potential agreement expected by mid‑2026, and no immediate changes to operations or employees during the process.