Moeve and Galp explore combining downstream assets to form industrial and mobility platforms, boosting Iberian scale, resilience, and energy transition investment.
Moeve and Galp have announced that they have entered into a non-binding understanding to move forward with in-depth negotiations aimed at potentially combining their downstream operations. The objective of these discussions is to create two highly competitive and resilient energy-focused platforms that would rank among the leading players in the Iberian Peninsula, while also strengthening Europe’s broader energy and mobility landscape.
Under the framework being evaluated, the companies are considering the formation of two distinct but complementary European energy platforms. The first would be an industrially oriented entity, referred to as IndustrialCo, which would concentrate on refining, chemicals, trading activities, green molecules, and low-carbon fuels. This platform would primarily serve business-to-business customers and industrial clients. Moeve’s existing shareholders, including Mubadala and Carlyle, would hold a controlling stake in this industrial combination, while Galp would retain a significant minority interest exceeding 20%.
The second platform, RetailCo, would focus on mobility and consumer-facing activities, encompassing fuel retail, electric vehicle charging infrastructure, and convenience services. This entity would be designed to serve retail customers and mobility users, while also enabling the development of next-generation mobility solutions. RetailCo would be jointly controlled by Moeve’s shareholders and Galp. Importantly, the scope of the proposed transaction excludes Galp’s upstream operations, renewable energy assets, and its supply and trading activities related to oil, gas, and power.
By bringing together complementary downstream assets, technical expertise, and experienced teams across Spain and Portugal, the proposed combination aims to achieve greater scale, enhanced investment capacity, and improved operational efficiency. The companies believe this approach would help reinforce the resilience, reliability, and competitiveness of the Iberian energy system, while supporting the region’s long-term energy transition goals.
IndustrialCo is envisioned as a key driver for attracting sustained industrial investment into the Iberian Peninsula. It would play a pivotal role in transforming existing refining and industrial facilities into integrated multi-energy hubs capable of producing and distributing low-carbon fuels and advanced energy solutions. These developments are expected to contribute to reindustrialization, strengthen energy security, and support decarbonization efforts in sectors that are traditionally difficult to abate.
The proposed industrial combination would unite highly competitive refining assets with advantageous coastal locations and integrated logistics networks. This positioning is seen as particularly favorable for the development of green hydrogen and other low-carbon or renewable molecules. By increasing scale and capital strength, the combined platform would be better equipped to invest in the long-term evolution of these sites, ensuring their continued strategic relevance for both Spain and Portugal.
RetailCo, meanwhile, is intended to integrate the service-station networks of both companies, creating a truly pan-Iberian footprint of around 3,500 locations across Spain and Portugal. The expanded network would enable enhanced customer offerings, greater convenience, and improved food-to-go and mobility services. It would also accelerate investments in EV charging infrastructure and innovative mobility solutions, supporting cleaner transport adoption throughout the region.
Throughout the negotiation phase, Moeve and Galp will continue to operate independently, maintaining uninterrupted operations, supply chains, and customer services. Any potential transaction remains subject to final agreements, corporate approvals, and regulatory clearances, with no immediate impact on employees or existing commercial relationships.
Commenting on the discussions, Maarten Wetselaar, CEO of Moeve, emphasized the opportunity to strengthen Iberia’s role in the energy transition through scalable, investment-ready platforms. Paula Amorim, Chair of Galp, highlighted the strategic value of partnering with a complementary operator to create focused, flexible European energy leaders capable of delivering sustainable growth.
