- Moeve and Galp begin negotiations on a potential combination that would create two major European platforms covering industrial and retail mobility operations in Spain and Portugal
- Proposed IndustrialCo would target green molecules, low carbon fuels and industrial-scale energy transition projects for hard-to-abate sectors
- Proposed RetailCo would form a pan-Iberian mobility network of approximately 3,500 service stations, expanding EV charging and convenience offerings
Moeve and Galp announced they have entered non binding negotiations to explore a potential downstream combination aimed at creating two new European energy platforms anchored in the Iberian Peninsula. The contemplated transaction would separate industrial and mobility activities into two focused companies with the capacity to finance large scale transition investments while safeguarding fuel supply and enabling next generation mobility.
Two Platforms for Industrial Decarbonization and Mobility Transition
Under the structure under discussion, an industrial platform referred to as IndustrialCo would consolidate refining, chemicals, trading, biofuels, hydrogen and other green molecules for business customers across Spain and Portugal. A separate mobility platform, RetailCo, would integrate the companies’ service station networks, fuel retail, EV charging and convenience operations for retail and mobility customers. Moeve shareholders Mubadala and Carlyle would hold a controlling interest in IndustrialCo, with Galp holding above 20 percent. RetailCo would be co controlled by Moeve’s shareholders and Galp.
The intent is to concentrate strategic and financial resources in two cohesive platforms that can accelerate energy transition investments while supporting reliable supply and economic resilience. The combination would exclude Galp’s upstream, renewables and broader trading activities.
Industrial Scale to Back Long Term Capital Deployment
IndustrialCo is positioned as a vehicle to attract long dated industrial investment into Iberia and to repurpose existing refining and chemicals infrastructure into integrated multi energy hubs. The companies argue that the industrial platform could help reindustrialize the peninsula, accelerate the deployment of low carbon molecules and reinforce regional energy security. Hard to abate industrial sectors and transport fuel markets are expected to be early beneficiaries.
Both companies operate coastal refining assets linked to deepwater ports and logistics corridors. Coastal access is viewed as critical for the development and export of green hydrogen, ammonia and other sustainable fuels. With scale and capital discipline, the industrial platform would aim to maintain strategic refining capacity for Spain and Portugal while transitioning assets toward lower carbon products. The companies stressed that the future of Iberian refining is likely to be multi energy rather than fossil centric and would require significant investment in technology, infrastructure and logistics.
RetailCo to Form a Pan Iberian Mobility Network
On the mobility side, RetailCo would combine approximately 3,500 stations across Spain and Portugal, creating one of the largest networks in the region. The scale is expected to allow enhanced consumer offerings, food to go, convenience retail and mobility services. The platform would also accelerate deployment of EV charging infrastructure and new mobility solutions as Iberian transport markets shift toward electrification and alternative fuels.
For investors focused on mobility transition, the platform offers a case study in how legacy retail networks can provide optionality in EV charging, digital payments, fleet management and hydrogen refueling. The platform’s revenues could become a blend of fuel margins, charging fees and convenience retail as consumer behavior shifts.
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Governance, Disclosure and Regulatory Path
During negotiations, Moeve and Galp will continue to operate independently with full continuity of operations, supply and customer service. Any transaction would remain subject to final and binding agreements, regulatory clearances and corporate approvals. No decisions have been taken and there are no current impacts on employees, suppliers or customers. Both companies committed to maintaining disclosure obligations to markets and stakeholders.
Stakeholder Views and Strategic Rationale
Maarten Wetselaar, Moeve CEO, said: “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.”
Paula Amorim, Chair of Galp, said: “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.”
Implications for C suite and Investors
If executed, the combination would illustrate how downstream portfolios are being reshaped to meet regulatory expectations, customer preferences and capital market constraints. Industrial decarbonization and mobility electrification require scale and certainty of finance, which integrated platforms may be better positioned to provide. The structure also reflects how European corporates are segmenting exposure to fossil and transition assets for clarity in capital allocation, risk and regulatory oversight.
The proposal fits within broader European efforts to secure industrial competitiveness and attract capital for hydrogen, sustainable fuels and electrified mobility. It also integrates regional market realities: Iberia’s port access, abundant renewable resources and cross border infrastructure ambitions. For global investors, the negotiations offer a view into how legacy energy companies are rearchitecting downstream operations to remain relevant in net zero transition pathways.
The coming months will test regulatory appetite for consolidation and the ability of industrial and retail platforms to mobilize large scale transition capital. The outcome will carry weight not only for Spain and Portugal, but for European downstream and mobility markets seeking viable decarbonization models at scale.
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