Matosinhos, Porto, July 2, 2026 (Lusa) - The conversion of Galp’s former refinery in Matosinhos, in the district of Porto, northern Portugal, into an innovation centre is expected to have an economic impact of €65 billion, with the creation of 100,000 jobs, the company revealed on Thursday.
The information is based on a study into the impacts of Galp’s project to create a “new urban area with capacity for 19,000 residents, 30,000 university students and an ecosystem that combines innovation and education”, the company stated in a press release.
The PwC study, which is to be presented this afternoon at the QSP Summit taking place in Matosinhos, points to an estimated impact of €65 billion on the national Gross Domestic Product (GDP), €43 billion on the Gross Value Added (GVA) for Matosinhos over 30 years, and the creation of more than 100,000 jobs in Portugal (65,000 in the district).
The Innovation District project “aims to establish itself as one of the largest urban regeneration projects in Europe, with the capacity to generate economic and social value for the region and the country”, according to Galp.
The analysis is based on “modelling different development scenarios for the project over a 30-year time horizon, estimating its potential economic, social and territorial impacts”.
The results, says Galp, highlight “the potential to transform a decommissioned industrial site into an urban innovation ecosystem of international standing, with economic, social and territorial benefits for Matosinhos, Greater Porto and Portugal”.
“The project aims to combine diverse and inclusive housing, economic activity, education, research, leisure and green spaces, reinforcing the region’s position amongst the most significant technological and sustainable hubs at an international level”.
The proposal is “a sustainable, inclusive and connected urban model, with space for residents, students, businesses and new facilities, including a university campus and an Atlantic Park dedicated to biodiversity and leisure”.
The study forecasts that the Innovation District will accommodate around 19,000 residents and 30,000 students, “within a scenario of balanced development between residential uses and economic activities”.
The cumulative fiscal impact could reach €9 billion at national level and €0.4 billion at local level.
The study also identifies “significant structural gains for Matosinhos, including productivity levels 29% above the national average in strategic sectors, a 25% increase in investment in Research and Development, growth of over 50% in production within high value-added sectors, and a 38% rise in exports”.
Mobility is “identified as a critical factor for the project’s success”.
“The balance between residents, students and employment enables higher-capacity public transport solutions across the region, including new metro links and dedicated public transport systems, as well as the promotion of active and sustainable mobility”, it emphasises.
The company states that this “will help reduce unbalanced commuter flows, improve the efficiency of existing infrastructure and contribute to more sustainable mobility in the Porto Metropolitan Area”.
The study was carried out by PwC, with the participation of CITTA — Centre for Research on Territory, Transport and the Environment, OPT — Optimização e Planeamento de Transportes, S.A., ImoEconometrics and the economist Ricardo Reis, a professor at the London School of Economics.
On 21 December 2020, Galp notified the Portuguese Securities Market Commission (CMVM) of its decision to cease refining operations in Matosinhos and to concentrate its activities at the Sines complex; it subsequently established a Scientific Committee and an Advisory Board on the Refinery’s Conversion to oversee the entire process.
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