Galp and Moeve said on January 8 that they have reached a non-binding agreement to advance detailed discussions on combining their downstream portfolios, subject to due diligence and regulatory approvals.
The talks, backed by Moeve shareholders Mubadala Investment Company and The Carlyle Group, aim to create two separate platforms: a RetailCo focused on mobility and service stations, and an IndustrialCo covering refining, petrochemicals and supply.
The proposed RetailCo would be jointly controlled by Galp and Moeve and operate around 3,500 service stations across Iberia, with combined oil product sales to direct clients estimated at more than 6.5 million tonnes in 2025. The business would also accelerate investment in EV charging and next-generation mobility solutions.
The IndustrialCo would bring together refining, logistics and B2B activities, with crude processing capacity close to 700,000 bpd across three sites, while supporting low-carbon and green hydrogen projects.
A potential agreement is expected by mid-2026.
