Sines, Setubal, Portugal, Jan. 14, 2026 (Lusa) - The Portuguese minister of the economy and social cohesion, Manuel Castro Almeida, said on Wednesday that the Government should act cautiously regarding the negotiations between Galp and Spain's Moeve, ensuring that it remains attentive to "the strategic interests of the State".
"What the Government wanted to say on the matter was said in today's statement. It is a cautious statement, as the Government's actions must be cautious," he said.
Manuel Castro Almeida was responding to questions from journalists in Sines, in the district of Setúbal, on the sidelines of a meeting organised by the Repsol Foundation to discuss the importance of this region in the decarbonisation of industry.
Asked about the negotiations between Galp and Moeve for the merger of their refining and fuel businesses in the Iberian Peninsula, the minister assured that the State remains vigilant because strategic assets are at stake.
"We are attentive, knowing that the essence of the negotiation belongs to the companies, we are talking about a deal between private companies. Now there is a relationship with strategic interests of the State in which the State must be attentive and will be," the minister stressed, referring to the statement released today on this matter.
In the note, the ministry of the economy and social cohesion states that "it has been informed of the start of negotiations between Galp and Moeve to merge part of their assets and the intention to create two new business platforms: one dedicated to fuel retail and mobility, and the other dedicated to the petrochemical and refining industry."
It added that "as this involves strategic assets for national energy sovereignty, environmental sustainability, competition and consumer protection, and without prejudice to the fact that this is a potential deal between private companies, the Government remains attentive to the progress of the negotiations".
When asked by the Lusa news agency whether Galp's Sines refinery is one of the areas to which the Government will be paying attention, Manuel Castro Almeida agreed, saying that "this is the main issue".
In the statement, the ministry of the economy and territorial cohesion recalled that the State ‘holds a qualifying stake of 8.24% in Galp's shareholding structure, held through Parpública - Participações Públicas" (the state instrument for the management of shareholdings in companies).
At issue is the non-binding agreement signed between Galp and the shareholders of Moeve (formerly Cepsa) - Mubadala Investment Company, the sovereign wealth fund of the United Arab Emirates, and the US fund The Carlyle Group - to move forward with discussions on merging their respective downstream portfolios (refining, petrochemicals and fuel sales) in the Iberian Peninsula.
The plan under consideration provides for the creation of two new business platforms: one dedicated to fuel retail and mobility (RetailCo), which will bring together the filling station networks and will be jointly controlled by Galp and Moeve, and an industrial platform (IndustrialCo), focused on refining, petrochemicals, trading and low-carbon fuels (such as biofuels and hydrogen).
Galp will have a minority stake of over 20% in this industrial platform, while the majority of the capital will remain in the hands of Moeve's shareholders. Among the assets potentially included is the Sines refinery, considered strategic for Portuguese national energy supply.
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