Lisbon, July 1, 2026 (Lusa) - The minister for the environment and energy said on Wednesday that, in relation to the Galp/Moeve deal, the Government is examining legal measures to ensure that the Sines refinery remains in Portugal and supplies the country in the event of a crisis.

Maria da Graça Carvalho was speaking at a hearing of the Environment and Energy Committee, requested by the PCP, on the non-binding agreement between Galp and the shareholders of Moeve, formerly Cepsa — the Mubadala Investment Company, the sovereign wealth fund of the United Arab Emirates, and the US fund The Carlyle Group — to discuss the merger of their respective refining, petrochemical and fuel retail portfolios in the Iberian Peninsula.

The government’s priorities are to ensure “the power to prevent the refinery from leaving Portugal” and the ability to “take action or guarantee supply in crisis situations”, the minister stated.

Maria da Graça Carvalho said that the government is examining “all possible legal avenues for action” in light of these ‘red lines’, as well as the fact that Moeve’s investors and shareholders are from outside the European Union, which, she stated, gives the government “certain legal powers to act”.

The minister also referred to the State’s position as a shareholder in Galp, with an 8.24% stake, as another factor to be taken into account in the Government’s actions. Amorim Energia is the main shareholder, with 37.51% of the shares, and the remaining 54.1% of the share capital is held by the public on the stock market.

“These two [tools] enable us to act,” she said, referring to the legal tools and the state’s stake in Galp.

According to Maria da Graça Carvalho, the government wants to ensure that Portugal continues to have “a refinery on Portuguese soil” and that, in a crisis situation, that infrastructure prioritises Portugal “as its main supply target”.

The minister emphasised that Galp played a vital role during the recent crisis in the Middle East, particularly in the supply of aviation fuel.

“Galp has never let us down,” she said, adding that the company had assured the government that Portugal would have jet fuel and that the Sines refinery would ensure 80% of domestic production.

Maria da Graça Carvalho noted, however, that the government intends to ensure that this priority is maintained “regardless of who the shareholders may be”.

The minister stated that the government is working with legal experts and various departments, in a process coordinated by the minister of finance, Joaquim Miranda Sarmento, “to map out the various scenarios and assess the possibilities”.

“The message we have for the workers, the region and the community of Sines is that we are doing everything we can to ensure the refinery remains in Sines and that conditions for the workers are guaranteed,” she said.

Maria da Graça Carvalho warned, however, that it is not enough simply to ensure the refinery remains in Sines; it is also necessary to guarantee its economic viability and industrial transformation.

“We have no interest in Sines’ future being Matosinhos,” she said, referring to the closure of Galp’s former refinery in Matosinhos.

“We want it to stay, but we want it to be transformed, to be viable, to be sustainable, and to supply the new products for the economy we want, namely SAF [sustainable aviation fuel] and biofuel,” she said.

The minister explained that, if Sines becomes part of a broader industrial platform alongside Moeve’s two refineries in Spain, located in Huelva and Cádiz, the government’s aim is to guarantee the “location” of the Portuguese refinery and its ability to operate “in a crisis situation”.

Maria da Graça Carvalho also said that national and European regulators “are doing their job” and acknowledged that the retail sector, fuel distribution and electric mobility may require regulatory intervention.

“There will certainly be regulatory intervention at market level in this retail sector,” she said.

Regarding the possible use of the recently announced sovereign wealth fund for state intervention in strategic sectors, such as energy, the minister said that this “is an instrument” which may or may not be used, but is not “the key issue here”.

As for the timetable for the operation, Maria da Graça Carvalho stated that the information provided by Galp points to the end of July 2026, but she said there were difficulties in meeting that deadline.

“I can see some difficulty in this being implemented because there are still several matters to be decided,” she said.

“We do not yet have the full details. What we are currently examining is our position, as the Government, what we want and what tools we have at our disposal,” she concluded.

SCR/AYLS // AYLS

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