Lisbon/Madrid | January 08, 2026 – In a move set to redraw the energy map of the Mediterranean and Atlantic shipping corridors, Portuguese energy leader Galp and Spanish multinational Moeve (formerly Cepsa) announced today, a non-binding agreement to merge their downstream operations.
The transaction aims to create two specialized entities: IndustrialCo, a B2B giant focusing on refining and green molecules, and RetailCo, a pan-Iberian mobility platform. For the maritime and bunkering industry, the formation of IndustrialCo is the most significant development, centralizing a combined crude processing capacity of approximately 700,000 barrels per day (kbpd) across three strategic coastal industrial sites.
A New “Bunkering Titan” for the Mediterranean
The proposed IndustrialCo will integrate the refining, trading, and chemical assets of both companies. Moeve’s shareholders, Mubadala Investment Company and The Carlyle Group, will hold a controlling interest, while Galp will retain a strategic minority stake of more than 20%.
For bunker fuel suppliers and vessel operators, this merger consolidates the supply chain at the gateway of the Mediterranean. By combining Galp’s Sines refinery in Portugal with Moeve’s San Roque (Cádiz) and La Rábida (Huelva) complexes in Spain, the new entity creates a seamless logistics network spanning the entire Iberian coast.
“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 companies stated in a joint release.
Accelerating the “Green Molecule” Transition
A core objective of the deal is to scale the production of next-generation marine fuels. The partnership will merge Galp’s low-carbon projects currently under construction, including HVO/SAF and green hydrogen initiatives at Sines, with Moeve’s Andalusian Green Hydrogen Valley.
The Andalusian project, already a benchmark for the industry, aims for 2 GW of electrolysis capacity. This scale is expected to drive the availability of bio-bunkers, green methanol, and ammonia, which are critical for the maritime sector’s decarbonization targets under IMO 2030 and FuelEU Maritime regulations.
RetailCo: Dominating the Mobility Value Chain
While IndustrialCo handles the “heavy” energy, RetailCo will focus on the consumer-facing sector. Co-controlled by both parties, this entity will manage a massive network of approximately 3,500 service stations. With estimated oil product sales exceeding 6.5 million tonnes in 2025, the platform will become one of Europe’s largest mobility operators, prioritizing EV charging infrastructure and convenience services.
Galp: Focus on Partnerships and Sustainable Growth
Paula Amorim, Chair of Galp, emphasized the value of collaborative growth “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.”
Moeve: Building Scale for the Energy Transition
Maarten Wetselaar, CEO of Moeve, highlighted the industrial and regional advantages “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.”
Market Outlook and Next Steps
The companies emphasize that during negotiations, operations will continue as usual. A final, binding agreement is expected by mid-2026, subject to regulatory and corporate approvals.
For Galp, the deal allows a “sharpened focus” on its high-growth Upstream portfolio (specifically its world-class assets in Brazil and recent discoveries in Namibia) and its Renewables division. For Moeve, the deal solidifies its transformation from a traditional oil refiner into a leading European “Green Molecule” producer.
About Galp
Galp is an integrated energy company based in Portugal with a global presence. It is a major player in the exploration and production of oil and gas, with high-growth assets in the pre-salt Santos Basin (Brazil) and the Orange Basin (Namibia). Galp is increasingly focused on the energy transition, investing heavily in renewable energy and the decarbonization of its industrial assets. The company is listed on the Euronext Lisbon.
About Moeve
Moeve (formerly Cepsa) is a leading international energy and chemical company owned by Mubadala and Carlyle. Following its 2024 rebranding from Cepsa, the company has pivoted its strategy toward “Positive Motion,” aiming to lead the production of green hydrogen and second-generation biofuels in Spain and Portugal. Moeve operates two large Energy Parks in Andalusia and a global chemicals business, serving as a vital link in the European energy supply chain.
Source: Moeve | Galp