Galp and Moeve Discuss Potential Merger to Form Major European Refiner
Portuguese energy firm Galp and private equity-backed Moeve are in non-binding talks to merge their refining, chemicals, and fuel retail businesses. The potential merger would create one of Europe's largest refiners, operating three facilities and 3,500 retail stations.
Insights:
Portuguese energy giant Galp Energia SGPS SA and private equity-backed Moeve have announced non-binding discussions to merge their refining, chemicals, and fuel retail businesses. This potential merger, revealed on January 8, 2026, aims to establish one of Europe's largest refining operations, with a combined capacity of 700,000 barrels per day across three facilities and a network of 3,500 retail fuel stations.
The proposed deal would create two distinct entities: a retail fuel company, equally owned by both parties, and a refining company in which Moeve would hold a majority stake, with Galp retaining a minority share above 20%. This structure would see Moeve managing the Huelva and Algeciras refineries in Spain and Galp's Sines refinery in Portugal. The retail operations, primarily based in Spain and Portugal, are expected to sell over 6.5 million metric tons of refined products annually.
