(former Cepsa) and Galp have reached a non-binding agreement to advance negotiations on the potential integration of their businesses downstreamwith the aim of creating two leading energy companies in the Iberian Peninsula in energy and mobility, as the companies announced today in a note.
During the talks, the possible creation of two European energy platforms will be evaluated: an industrial one focused on refining, chemistry, tradinggreen molecules and low-carbon fuels, oriented to B2B customer service (IndustrialCo); and another on mobility focused on the sale of fuels (including the recharging of electric vehicles) and convenience services aimed at retail and mobility customers, and which will in turn promote the development of new generation mobility solutions (RetailCo).
Moeve’s current shareholders – Mubadala and Carlyle – will have control of the industrial platform, while maintaining a stake of more than 20%. On the other hand, the current shareholders of Moeve and Galp will have shared control of RetailCo. The proposed combination excludes other Galp businesses, such as upstreamrenewables, supply and trading oil, gas and energy.
“The proposed business combination brings together complementary assets, capabilities and equipment in Spain and Portugal, with the aim of increasing scale and investment capacity, while supporting the energy transition and reinforcing the resilience, reliability and competitiveness of the Iberian energy system,” the note states.
Specifically, the industrial platform is designed to play a central role in attracting long-term industrial investment in the region and accelerate the transformation of existing refining and industrial assets in hubs integrated multi-energy. “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 sectors that are difficult to decarbonize,” the companies point out.
The proposed industrial integration brings together highly competitive refining assets that benefit from privileged access to the sea and integrated logistics, well positioning the platform for the development of green hydrogen and other green and low-carbon molecules. The proposed integration aims to reinforce the strategic relevance of these refineries for both Spain and Portugal, supporting the continuity of their operations and long-term transformation.
On the other hand, the intention is for RetailCoes to combine the service station networks of both companies to create a truly pan-Iberian network, with approximately 3,500 points in Spain and Portugal. The increased scale will allow the new company to offer a superior service proposition, greater value to customers and more convenience solutions, including improved takeout and mobility offerings. The new platform will also accelerate investment in electric vehicle charging and new generation mobility services, supporting the transition towards cleaner transport in Spain and Portugal.
Until the closing of the operation, Moeve and Galp will continue to operate as independent companies, with full continuity of their operations, supply and services to clients in all activities and geographies. In any case, any potential transaction between the parties will be subject to the negotiation and closing of definitive and binding agreements.
“This potential integration represents a unique opportunity to strengthen the role of the Iberian Peninsula in the energy transition, creating platforms with the scale, resilience and investment capacity necessary to drive change quickly. At Moeve, we believe that disciplined investment, technological innovation and long-term alliances are essential to ensure that the energy transition translates into prosperous businesses that anticipate the future in the region,” emphasizes Maarten Wetselaar, CEO of Moeve.
“I am very satisfied to have reached this preliminary agreement and to have initiated a strategic analysis of such magnitude. Galp’s growth vision has always been based on alliances with operators that generate a lot of trust and that have proven to be generators of value,” declared Paula Amorim, president of Galp.
