Lisbon, July 27, 2026 (Lusa) - Portuguese energy company, Galp acknowledges that the conclusion of negotiations with Spain's Moeve's shareholders to merge the two companies' refining and marketing businesses is likely to take place in the fourth quarter, although it intends to finalise the deal «as soon as possible».
«If we are to manage expectations, the likelihood of it happening in the fourth quarter is greater than us managing to do so in the third quarter,» said Galp's co-CEO, Maria João Carioca, in a telephone conversation with Lusa regarding the first-half results, which showed a 44% increase in profit to €812 million compared with the same period last year.
She emphasised, however, that the company intends to complete the work as quickly as possible.
«Being able to finalise the deal and have greater certainty and clarity regarding the terms of the transaction as soon as possible is obviously the ideal scenario,» she said, noting that the transaction must be analysed in detail.
She assured that the revision of the transaction timetable – the completion of which was initially scheduled for the first half of the year and, more recently, for the second half of this year – is not due to any specific difficulties relating to the valuation of assets, the Sines refinery or disagreements between the parties.
«There is no reason other than the scale and complexity of the deal,» she said, adding that the dialogue remains «very much on track» and «very productive».
According to Maria João Carioca, the teams need more time to complete the various analyses required for the transaction, including financial and legal assessments and a review of the contracts of the companies involved.
She emphasised that the transaction covers activities and assets across various regions, ranging from petrochemical businesses in North America to operations in Latin America and Africa.
The negotiations are based on a non-binding agreement between Galp and Moeve, whose shareholders are Mubadala Investment Company – the sovereign wealth fund of the United Arab Emirates – and the US-based Carlyle Group.
The project envisages the merger of the two companies' refining, petrochemical and fuel marketing portfolios in the Iberian Peninsula, including Galp's refinery in Sines and Moeve's plants in Huelva and Cádiz, in Spain.
In early July, the minister for the environment and energy, Maria da Graça Carvalho, stated in parliament that the Government was examining legal measures to ensure that the Sines refinery remains in Portugal and retains the capacity to prioritise supplying the country in times of crisis.
The minister indicated that the government was analysing the legal options for intervention, bearing in mind that Moeve's shareholders are from outside the European Union and that the Portuguese state holds an 8.24% stake in Galp.
The minister also referred to the sovereign wealth fund announced by the Government, intended to invest in strategic sectors, as an instrument that could be considered, although she emphasised that it is not the central element in the analysis of the operation.
When asked by Lusa about the possible inclusion of [state business manager] Parpública's stake in Galp in that fund, Maria João Carioca said that the company had not been informed or consulted about this possibility.
When asked whether there had been any discussions with the Government following the announcement of the sovereign wealth fund's creation, she replied: «Not, as far as we are aware.» The co-CEO declined to comment on the State's intentions regarding the fund, considering it a matter of economic policy, but emphasised that the company maintains an open dialogue with the public shareholder.
Maria João Carioca noted that the State's stake in Galp may, at some point, be put back on the market, although there is no timetable for this to happen, and added that it is up to the State to decide how it manages its shareholding.
SCR/AYLS // AYLS
Lusa
