Moeve and Galp are preparing a merger that will reconfigure the Iberian energy map

  • Non-binding agreement between Moeve and Galp to integrate their downstream businesses in Spain and Portugal.
  • Creation of two platforms: IndustrialCo for refining and green molecules and RetailCo for gas stations and mobility.
  • A combined network of approximately 3.500 service stations and a refining capacity of nearly 700.000 barrels per day.
  • Transaction subject to due diligence, regulatory approval and expected closing around 2026.
Isaac

12 minutes

fusion Move Galp

The possible merger of the downstream businesses of Moeve and Galp This has shaken the Iberian energy sector and raised competitive concerns about Repsol's leadership. The two companies have signed a non-binding agreement to move forward with an integration that, if successful, will consolidate their refineries and service station networks in Spain and Portugal under a single structure.

This is a far-reaching operation that aims to create a "energy champion" in the Iberian PeninsulaWith two new specialized companies: one focused on industrial activity (refining, chemicals, and green molecules) and the other on mobility and the retail sale of fuels and services. The move aligns with the European strategy of gaining scale to compete against large international groups.

What will the structure of the Moeve-Galp merger be?

Operation Move Galp

The design agreed upon by the two oil companies involves creating two distinct platforms, IndustrialCo and RetailCo, based on the prior separation of their downstream businesses. Each group will first do a spin off internally, the assets that it will contribute to the alliance will be identified, and subsequently, those equivalent activity blocks will be merged.

The first society, provisionally known as IndustrialCo, will integrate the activities of refining, chemistry, signals and energies based on green molecules, such as advanced biofuels and hydrogen. This platform will be geared towards industrial customers, with a clear B2B focus and an eye towards transforming current refineries into integrated, low-emission multi-energy hubs.

The second part of the agreement will be RetailCoA company focused on fuel retail, its network of gas stations, convenience stores, and mobility solutions. This division will integrate both traditional fuel distribution and... electric recharge and other services associated with the new mobility.

This scheme reflects a growing trend in the sector, where companies separate capital-intensive businesses (such as refining) those geared towards the end customer, to give greater transparency to the market and facilitate different financing strategies, alliances and divestments.

Distribution of power and shareholding in IndustrialCo and RetailCo

On the future industrial platform, the current Moeve, Mubadala and Carlyle shareholders will retain controlThe preliminary agreement stipulates that these partners will own approximately 80% of IndustrialCo, while Galp would maintain a stake of over 20%In this way, the former Cepsa will position itself as a key partner in the most intensive and strategic part of the business.

In terms of shareholding, Moeve is primarily owned by Mubadala, the investment arm of Abu Dhabi's sovereign wealth fundwith approximately 67% of the capital, and by the British fund Carlyle, which entered in 2019 with just over a third of the company. In the case of Galp, about 55% of its shares are freely traded on the stock exchange, while the rest is distributed, notably, among Amorim Energía and the Portuguese state company Parpública.

To RetailCo, the equation will be differentMoeve and Galp will share control of the new mobility company with balanced stakes. This reflects the similar weight of both service station networks on the Iberian Peninsula, although qualified by the fact that the Moeve's industrial power is greater, with two refineries in Spain, compared to the large Sines complex supplied by Galp.

In any case, the operation will exclude from the combination the upstream, renewables and supply businesses and signals Galp's energywhich will remain under the umbrella of the Portuguese group as a listed company. Moeve, for its part, will contribute almost all of its operational activities to one of the two platforms, with its corporate structure at the service of the new organization, especially the industrial branch.

Network of 3.500 gas stations: a direct rival for Repsol

One of the biggest impacts of the Moeve-Galp merger will be seen in the network of service stations in the Iberian PeninsulaThe integration of the gas stations of both groups will result in a mobility platform with around 3.500 points of sale In Spain and Portugal, a figure very close to that of Repsol.

In Spain, according to the latest sector data, Repsol leads the market with more than 3.200 stationsThis gives it approximately a quarter of the national total. Far behind are Moeve, with just under 1.500 gas stations, and Galp, with just over 500. Together, these two brands currently account for around 16% of the Spanish gas station fleet.

The picture changes when you cross the border. In Portugal, Galp is the main operator With over 700 service stations and just over 20% of the total, it is followed by Repsol and BP. Moeve lags behind, with a smaller presence than its major competitors and even below other multinationals like Shell.

If both countries are analyzed together, Repsol has slightly less than 3.800 points of sale in the peninsulaThis contrasts with the more than 3.100 stations that Moeve and Galp combined had before the full integration of their networks. With the new RetailCo, the gap in the number of gas stations is significantly reduced and The combined share of Moeve and Galp would be around 20%. of the Iberian park, narrowing the gap with respect to Repsol's approximate 23,5%.

In addition to the number of points of sale, the new commercial platform aims promote higher value-added services: better convenience options, prepared food, shared mobility solutions and, above all, a acceleration of investment in and other low-emission transport systems.

Refining capacity and industrial hubs in Spain and Portugal

The other major component of the Moeve-Galp merger is the industrial business. With the contribution of its refining complexes, the future IndustrialCo will reach a combined capacity of nearly 700.000 barrels of crude oil per day, spread across three major hubs on the peninsula. It's a significant figure, although still below the one million barrels per day handled by Repsol's refineries in Spain.

Moveve currently adds two large refineries on the peninsula, a La Rábida (Huelva) and San Roque (Cádiz)with a combined capacity of around 31% of the Spanish total, and where biofuel and synthetic fuel projects are already underway. Galp contributes its complex of Sines, on the Portuguese coast, a key facility for supplying the country and with direct access to international shipping routes.

The integration aims to make the most of privileged access to the sea and integrated logistics of these assets, which reinforces the idea of ​​converting them into platforms for producing green hydrogen and other low-emission moleculesThe stated objective is to position the peninsula as a relevant hub in the supply of clean fuels to Europe and other markets.

According to statements from both companies, IndustrialCo has been designed to perform a central role as a focus of long-term industrial investment, supporting the reindustrialization of the region and the decarbonization of sectors that are difficult to electrify, such as aviation, heavy transport or certain branches of the chemical industry.

This approach aligns with Moeve's strategy in recent years, which has been heavily focused on divesting oil exploration assets to redirect resources towards... energy transition and the green moleculesFor its part, Galp has also been restructuring its portfolio with significant divestments in upstream projects in Angola and Mozambique, while strengthening its renewable energy profile and its commitment to new energy vectors.

Impact on the Iberian market and competition with Repsol

The Moeve-Galp merger comes at a time when The European oil sector seeks to gain size and efficiency to address the energy transition. In the Iberian Peninsula, the operation is interpreted as a clear maneuver to stand up to Repsol, both in refining and in retail distribution.

The creation of two large downstream platforms follows in the footsteps of other recent corporate moves, such as the Integration of upstream businesses between Repsol and TotalEnergies in the North SeaThe common thread is the same: to ally with medium-sized competitors to achieve greater scale, share risks, and increase investment capacity in new projects.

Industry analysts believe the Moeve-Galp alliance aligns with EU recommendations to promote "European champions" capable of competing globallyThis aligns with the discussions reflected in reports such as the one prepared by Mario Draghi on industrial competitiveness in the EU. The energy sector, strategic for the economy, is one of the areas where this consolidation is being most strongly promoted.

In strictly competitive terms, the new group will have more leverage to negotiate with suppliers, optimize logistics, and pressuring margins at service stationsThis could affect pricing dynamics and the supply of services to the end consumer. It will also strengthen its capacity to attract financing for low-emission projects and infrastructure modernization.

However, the progress of this operation will be closely monitored by competition authorities, such as the CNMC in Spain and its Portuguese counterpart, which could impose conditions to prevent excessive concentration in certain areas or market segments.

Calendar, regulations and employee status

As of today, the agreement between Moeve and Galp is not bindingThe companies have begun a detailed negotiation process and due diligence which will continue over the next few months, with the intention of finalizing binding documents once all financial, legal and operational details are tied up.

The oil companies have announced that They expect a firm agreement around mid-2026provided they have the approval of the boards of directors of both companies and pass the scrutiny of the regulatory and competition authorities in Spain, Portugal and, foreseeably, at the community level.

Meanwhile, Moeve and Galp emphasize that They will continue to operate as independent companiesThere will be no changes to the day-to-day operations of employees, customers, or suppliers. Management insists that no final decisions have been made regarding staffing, internal structure, or potential overlaps in functions at this initial stage.

Collectively, the companies exceed 17.000 employees globallyTherefore, any future restructuring will be closely monitored by unions and labor authorities. For now, the official message is that the merger aims to strengthen operations on the Iberian Peninsula, not to drastically cut staff.

Both Moeve and Galp have committed to to keep the market and its stakeholders informed as negotiations progress, in accordance with their obligations as regulated companies and, in the Portuguese case, as a listed company.

Financial dimension and long-term strategy

Although the companies have not published an official valuation of the transaction, various market sources place the combined value of the downstream perimeter above 15.000 billion eurosUsing sum-of-the-parts methodologies and references to previous transactions, Galp's current market capitalization provides a rough indication of the group's size, while for Moeve, the closest benchmark is Carlyle's entry in 2019.

In terms of recent results, Moeve recorded between January and September 2025 a adjusted net profit of just over 470 million euros and an adjusted EBITDA of around 1.200 billion, with a significant part of its investments already directed towards energy transition projects, such as a large second-generation biofuels plant in Huelva.

Galp, for its part, obtained in the first nine months of 2025 a EBITDA close to 2.400 billion and an adjusted net profit of nearly €1.000 billion, supported by its exploration and production business and the commissioning of projects such as Bacalhau in Brazil. At the same time, it has taken advantage of divestments in Africa to restructure its portfolio and strengthen its financial position.

The new two-platform structure will allow, according to both sides, allocate capital more specifically to each type of activity: on the one hand, large long-term industrial projects and, on the other, a more dynamic mobility business, with growth potential in low carbon footprint services and solutions.

The companies' top executives, such as Moeve CEO Maarten Wetselaar and Galp Chairwoman Paula Amorim, have publicly emphasized that the integration aims to create major European players in IberiaCombining operational excellence in downstream with low-carbon project portfolios and greater specialization in each branch of the business.

If the merger of Moeve and Galp's downstream businesses goes through all the planned stages, the Iberian energy landscape will be significantly altered: Repsol will gain a competitor of almost equivalent size in gas stations and with reinforced refining capacity, while Spain and Portugal could consolidate a new industrial and mobility hub with greater scale, investment capacity and ambition in the transition to low-emission fuels and solutionsAll this without losing sight of regulatory scrutiny and the reaction of a market that will continue to closely monitor how this macro-operation plays out in practice.

The society in which we live advances at rates that cannot be sustainable over time. More and more products are being produced on a daily basis and being consumed at high speed. Production requires energy and the efficiency or sustainability of that energy depends on the source. Society has gotten used to recycling and getting used to separating waste. However, a much more direct way of contributing to the sustainability of the planet is energy efficiency. In this article we are going to tell you what energy efficiency is and how important it is for the conservation of the planet. What is energy efficiency Production is the main source of pollution because the energy used for it is not sustainable. In other words, the use of fossil fuels is abused for the generation of energy that will later be used for production or use. We must bear in mind that, if the energy sources are renewable, the pollution will be zero or very low. Today's society is not aware of the amount of energy that is wasted on a daily basis; it measures the origin of this energy. However, there is a growing awareness of the importance of reducing consumption. We pollute our planet too fast a pace and we have passed the carbon footprint in almost every place on the planet. In order to reduce the impact that we generate on natural resources ice ecosystems, we must use energy efficiency. Energy efficiency is defined as the efficient use of energy. In other words, a device will be efficient when its process or installation is lower in energy, they consume a lower than average amount of energy to carry out an activity. A person, service or product that is efficient and that is committed to the environment will not need as much energy to do the same work and to be able to save more energy. In addition, it will try to make the origin of the energy renewable. The main objective of energy efficiency is to protect the environment. To do this, it tries to establish guidelines for reducing energy intensity and CO2 emissions that we send into the atmosphere. One of the most used tools to establish energy efficiency in society is diffusion. The message needs to be spread that energy efficiency is necessary to help protect the environment. In this way, it is achieved that the user can introduce certain habits in their daily life to reduce consumption to what is necessary and no more. Paradigm of energy efficiency Energy efficiency is not something that helps us save energy, after all, pay less on the electricity bill. It is true that this is a great advantage, but it is not the main thing. The main objective is the protection of the environment by reducing greenhouse gas emissions into the atmosphere. Let's not forget that these gases have the capacity to retain heat in the atmosphere. The more gases there are in the atmosphere, the more heat is retained and, therefore, global average temperatures are rising points that will cause irreversible changes in all the natural ecosystems of the planet. With energy efficiency we can reduce emissions since we will spend less energy to carry out an activity. In addition, it is claimed that the energy sources have been renewable. Remember that with renewable energy emissions are zero. Energy efficiency has become a way of taking care of the planet in such a way that, not only are the electrical appliances that consume the least, but we also make us consume less. Advantages and disadvantages It is clear that energy efficiency is not all advantages but also has some problems. The main problem with energy efficiency is that it is still a choice. It is we who decide and establish energy efficiency in our home or work buildings. Currently not all the products we use are efficient. To know if a product is efficient or not, you have to analyze the energy efficiency label. Many appliances are fairly mediocre efficiency. However, its price is lower. When buying appliances we have to consider a lot of variables. Energy efficiency helps us save electricity in the long term while helping to protect the environment. And it is that the electricity bill is drastically reduced if all the electrical appliances that we have in the home have the highest category of energy efficiency. The same goes for lighting. Traditional bulbs versus LED bulbs spend more than double. In addition, they have a much shorter useful life. The efficient appliance alternative is always more expensive than the one that is not. For hours, it can be said that energy efficiency is a matter of environmental awareness rather than a mandatory choice. It must be said that, not only is the higher cost of an efficient product quickly amortized, but it also directly benefits our pocketbook. We remember that the electricity bill will be much lower if we have these appliances. We can also add much more sustainable consumption habits to the use of these appliances. In this way we manage to manage energy in such a way that we will contribute to taking care of our environment. If you want to be more efficient, you should not only buy more efficient appliances, but you should also introduce sustainable habits at home. Main benefits Energy efficiency has these following benefits: • It helps us reduce energy consumption in homes and in companies or public places. • Production costs are lower and the competitiveness of companies improves. • Helps reduce energy dependence on the outside. In Spain, energy dependence is over 80%. • Increases the security of the energy supply. If less power is consumed for the same task, there will be more power available. • Reduces the consumption of natural resources. • The environment is more protected since there is less deterioration of natural resources due to overexploitation. • Reduces the impact of greenhouse gas emissions. I hope that with this information you can learn more about energy efficiency.
Related article:
Energy efficiency: how it impacts the environment and your finances