Portuguese energy firm Galp and private equity-backed Moeve, previously known as Cepsa, are in talks to combine their refining, chemicals and fuel retail businesses, they said on Thursday, in a deal that, if successful, would create one of Europe's biggest refiners.
Under a non-binding agreement, Galp and Madrid-headquartered Moeve plan to create two new firms. One would run 3,500 fuel retail stations mainly in Spain and Portugal with the other operating three refineries with combined capacity of around 700,000 barrels per day.
Moeve's shareholders are the UAE' state-owned investment firm Mubadala and U.S. investment firm Carlyle Group Galp's upstream oil and gas production business would not be included in any merger.
Initial story Galp, Moeve in talks to combine refining, fuel retail businesses | Reuters
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