Moeve and Galp Enter Talks to Combine Iberian Downstream Into Two Platforms

Overview

• The plan under discussion would split assets into IndustrialCo for refining, chemicals, trading and low‑carbon molecules, and RetailCo for fuel retail, EV charging and convenience.
• Mubadala and Carlyle would control IndustrialCo, with Galp retaining a stake above 20%, while RetailCo would have shared control between Moeve and Galp shareholders.
• RetailCo is envisioned to merge the companies’ service‑station networks into roughly 3,500 locations across Spain and Portugal.
• Galp’s Upstream, Renewables, and Supply and Trading businesses are excluded from the contemplated combination.
• The companies frame the tie‑up as a way to gain scale and investment capacity for energy‑transition projects and to strengthen competition with market leader Repsol in Iberia.