Moeve and Galp explore the merger of downstream business
Published on: Jan 8, 2026
Proposed entity would split between industrial and retail business, creating a powerhouse in both sectors in Portugal and Spain.
Moeve and Galp have announced a non-binding agreement to begin detailed talks on combining their downstream portfolios, aiming to create two leading energy platforms in the Iberian Peninsula. The proposed deal would establish IndustrialCo, focused on refining, chemicals, trading, and low-carbon fuels for B2B clients, and RetailCo, dedicated to fuel retail, EV charging, and convenience services for mobility customers.
Under the plan, Moeve’s shareholders, Mubadala and Carlyle, would hold a controlling stake in IndustrialCo, with Galp retaining over 20%. RetailCo would be jointly controlled by both parties. Galp’s upstream, renewables, and trading businesses are excluded from the proposal.
The combination seeks to leverage complementary assets across Spain and Portugal, enhancing scale and investment capacity to accelerate the energy transition. RetailCo would unite both companies’ service-station networks, creating a pan-Iberian footprint of around 3,500 sites. The enlarged platform aims to deliver improved customer convenience, expand food-to-go offerings, and accelerate EV charging infrastructure.
“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,” said Paula Amorim, Chair of Galp.
IndustrialCo is expected to transform existing refining sites into integrated multi-energy hubs, supporting green hydrogen and low-carbon fuel development, while reinforcing energy security and decarbonization in hard-to-abate sectors.
“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,” said Maarten Wetselaar, CEO of Moeve.
Both companies will continue operating independently during negotiations, which remain subject to regulatory approvals and final agreements.
