Proposed Moeve Galp Partnership Aims to Strengthen Iberian Energy Transition and Mobility

Proposed Moeve Galp Partnership Aims to Strengthen Iberian Energy Transition and Mobility

(IN BRIEF) Moeve and Galp have reached a non-binding agreement to explore a potential combination of their downstream businesses, with the aim of creating two leading energy platforms in the Iberian Peninsula. The proposed structure would separate industrial activities such as refining, chemicals, and low-carbon fuels from retail and mobility services, including fuel stations and EV charging. By combining complementary assets across Spain and Portugal, the companies seek to increase scale, investment capacity, and resilience while accelerating Europe’s energy transition. Discussions are ongoing, with both firms continuing to operate independently as negotiations progress toward a possible agreement in 2026.

(PRESS RELEASE) MADRID, 9-Jan-2026 — /EuropaWire/ — Moeve and Galp have announced that they have entered into a non-binding agreement to explore a potential combination of their downstream businesses, marking the start of detailed strategic discussions aimed at creating two major energy platforms in the Iberian Peninsula. The initiative is designed to strengthen scale, investment capacity, and competitiveness while supporting Europe’s energy transition.

Under the proposed framework, the discussions focus on the possible establishment of two distinct but complementary energy companies. The first would be an industrial platform, referred to as IndustrialCo, concentrating on refining, chemicals, trading, and the development of green and low-carbon molecules such as biofuels and hydrogen, primarily serving business-to-business customers. The second would be a mobility and retail-focused platform, RetailCo, encompassing fuel retail, electric vehicle charging, convenience services, and next-generation mobility solutions for retail and mobility customers.

If the transaction proceeds, Moeve’s current shareholders, Mubadala and Carlyle, would retain a controlling stake in the industrial platform, with Galp holding a share exceeding 20%. The retail platform would be jointly controlled by Moeve’s shareholders and Galp. The discussions explicitly exclude other Galp activities, including upstream operations, renewables, and the supply and trading of oil, gas, and power.

The proposed combination aims to bring together complementary assets, expertise, and teams across Spain and Portugal. By increasing scale and financial capacity, the companies intend to enhance the resilience and reliability of the Iberian energy system while accelerating investments aligned with decarbonization goals and long-term energy security.

IndustrialCo is envisioned as a cornerstone for attracting long-term industrial investment to the region. Its role would include transforming existing refining and industrial assets into integrated multi-energy hubs capable of supporting low-carbon fuels and solutions. These hubs are expected to play an important part in the reindustrialization of the Iberian Peninsula, particularly in sectors that are difficult to decarbonize, while reinforcing strategic energy infrastructure in both Spain and Portugal.

The industrial platform would combine competitive refining assets with coastal access and integrated logistics, creating favorable conditions for the development of green hydrogen and other low-carbon molecules. By consolidating scale and capital allocation, the proposed structure would enable sustained investment in the modernization and long-term evolution of these sites, reflecting the future direction of refining in the region.

RetailCo would bring together the service station networks of Moeve and Galp to form one of the largest pan-Iberian retail fuel and mobility platforms, comprising approximately 3,500 sites across Spain and Portugal. The expanded network is expected to enhance customer choice, convenience, and value, while accelerating investment in EV charging infrastructure, food-to-go concepts, and next-generation mobility services to support cleaner transport solutions.

Throughout the negotiation phase, Moeve and Galp will continue to operate independently, ensuring full continuity of supply, customer service, and operations across all geographies and business lines. Any potential transaction remains subject to the successful negotiation of final agreements, required corporate approvals, and applicable regulatory authorizations. At this stage, there are no changes to ongoing operations, employment, or existing commercial relationships.

Both companies have committed to keeping employees, markets, and other stakeholders informed in line with their legal and disclosure obligations.

Maarten Wetselaar, Chief Executive Officer of Moeve, said the potential combination represents an opportunity to strengthen the Iberian Peninsula’s role in Europe’s energy transition by creating platforms with the scale and resilience needed to deliver change at speed. He highlighted the importance of disciplined investment, technological innovation, and long-term partnerships in building future-proof energy businesses for the region.

Paula Amorim, Chair of Galp, said the preliminary agreement reflects Galp’s strategy of partnering with credible operators to create long-term value. She noted that combining the companies’ downstream capabilities could result in focused European energy players with tailored capital allocation and flexibility to support sustainable growth while contributing to a just and secure energy transition.

A final agreement, subject to approvals, is expected to be considered by mid-2026.

Notes to editors

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.

Media Contact:

medios@moeveglobal.com

SOURCE: Moeve