- Establishes a scalable industrial platform that integrates refining, trading, chemicals and green molecules (biofuels and hydrogen) activities: serving its B2B customers with a globally competitive offering
  - Creates a retail platform with one of the largest service station networks in Spain and Portugal: delivering greater choice, enhanced convenience and improved value for customers
  - Provides the scale and investment capacity needed to accelerate Europe’s energy transition and build the next generation of European energy champions

Moeve and Galp announced that they have reached a non-binding agreement to advance detailed discussions on the potential combination of their downstream portfolios with the aim of creating two leading energy companies in the Iberian Peninsula.

The discussions will assess the potential creation of two European energy platforms: an industrial platform focused on refining, chemicals, trading, green molecules and low-carbon fuels, serving B2B customers (IndustrialCo); and a mobility platform focused on fuel retail (including EV charging) and convenience, serving retail and mobility customers and supporting the development of next-generation mobility solutions (RetailCo). Moeve’s current shareholders, Mubadala and Carlyle, will hold a controlling interest in the Industrial Combination, with Galp holding above 20%. The RetailCo will be co-controlled by Moeve’s current shareholders and Galp. The proposed combination excludes other Galp businesses, such as Upstream, Renewables, Supply & Trading of oil, gas and power.

The proposed combination brings together complementary assets, capabilities and teams across Spain and Portugal, with the objective of enhancing scale and investment capacity, while supporting the energy transition and strengthening the resilience, reliability and competitiveness of the Iberian energy system.

In particular, the IndustrialCo is designed to play a central role in attracting long-term industrial investment to the region and accelerating the transformation of existing refining and industrial assets into integrated multi-energy hubs. These assets will support the development and deployment of low-carbon fuels and solutions, contributing to the reindustrialization of the Iberian Peninsula, reinforcing energy security, and supporting decarbonization objectives in hard-to-abate sectors.

The proposed industrial combination brings together highly competitive refining assets that benefit from coastal access and integrated logistics, positioning the platform well for the development of green hydrogen and other green and low-carbon molecules. The proposed combination is intended to reinforce the strategic relevance of these refineries for both Spain and Portugal, supporting their continued operation and long-term transformation. By enhancing scale and investment capacity, the proposed industrial combination strengthens the ability to deploy significant capital into the evolution of these sites as integrated multi-energy hubs, reflecting the future of refining in the Iberian Peninsula.

The intention is for RetailCo to combine the service-station networks of both companies to create a truly pan-Iberian network, with approximately 3,500 sites, primarily located across Spain and Portugal. The enlarged scale is expected to allow the new company to offer a stronger customer service proposition, further value to clients, and greater convenience, including improved food-to-go and mobility offerings. The combination will also accelerate investment in EV charging and next-generation mobility services, supporting the transition to cleaner transport across Iberia.

During the negotiation process, Moeve and Galp will continue to operate as independent companies, with full continuity of operations, supply and customer service across all activities and geographies.

Any potential transaction remains subject to the negotiation and execution of final and binding agreements, the necessary corporate approvals, and the applicable regulatory authorizations. At this stage, no final decisions have been taken and there are no impacts on the companies’ ongoing operations, employees or existing commercial relationships.

Moeve and Galp have committed to keeping the market, employees and other relevant stakeholders informed in accordance with their respective legal and disclosure obligations.

“This potential combination represents a unique opportunity to strengthen the role of the Iberian Peninsula in the energy transition by creating platforms with the scale, resilience and investment capacity required to deliver change at pace. By bringing together industrial excellence, downstream reach and a strong pipeline of low-carbon projects, we aim to attract long-term capital and accelerate the deployment of solutions that support competitiveness, decarbonization and economic growth. At Moeve, we believe that disciplined investment, technological innovation and long-term partnerships are essential to ensure that the energy transition translates into thriving, future-proof businesses for the region,” said Maarten Wetselaar, CEO of Moeve.

“I am extremely pleased that we have reached this preliminary agreement and launched such a major strategic discussion. Galp’s growth vision has always been based on partnerships with highly credible operators that have consistently proven to be value accretive. By combining Galp’s and Moeve’s complementary capabilities and expertise on downstream operations, we have the opportunity to create major European players in Iberia, each benefiting from greater focus, tailored capital allocation, and key flexibility to drive sustainable growth and value. It is my firm belief that this opportunity reinforces our ability to support and promote a just energy transition, capable of addressing evolving market needs and ensuring safe and responsible energy supply to Iberia,” said Paula Amorim, Chair of Galp.

Notes:

The intention is for (subject to appropriate approvals and closing of the transaction):

  - The proposed transaction to involve the potential creation of two complementary platforms:
    - a mobility platform (RetailCo) focused on fuel retail, convenience and mobility services; and
    - an industrial platform (IndustrialCo) focused on refining, trading, chemicals, supply activities and low-carbon fuels, including green molecules such as biofuels and hydrogen.

  - The proposed mobility platform to comprise a network of approximately 3,500 service stations, primarily located in the Iberian Peninsula, with aggregated oil product sales to direct clients estimated to exceed 6.5 million tonnes in 2025.
  - The proposed industrial platform to have an aggregated crude processing capacity close to 700 kbpd across three industrial sites.
  - As independent companies, both businesses are expected to be self-funded, while pursuing growth opportunities and the development of energy transition solutions.
  - A potential agreement is expected by mid-2026.

About Moeve

We are a leading international company committed to sustainable mobility and energy with strong technical expertise.

Mubadala Investment Company Group and The Carlyle Group are our shareholders and we have almost 90 years of experience. This has helped us to be one of the leading energy companies in Spain and to develop our businesses across five continents.

About Galp

Galp is an energy company committed to developing efficient and sustainable solutions in its operations and in the integrated offers it provides to its customers. We create simple, flexible, and competitive solutions for the energy or mobility needs of both large industries and small and medium-sized enterprises, as well as the individual consumer. Our offer includes various forms of energy – from electricity produced with renewable sources to natural gas and liquid fuels. As a producer, we extract oil and natural gas from reservoirs located kilometers below the sea surface, and we are also one of the main Iberian producers of solar-based electricity. We contribute to the economic development of the 10 countries in which we operate and to the social progress of our host communities. We are, therefore, leaders in our sector in the main global sustainability indices. Galp directly employs 7,000 people.