Galp and Moeve have officially scrapped their merger plans for their downstream businesses. The decision was made after months of negotiations that began with a non-binding agreement announced in January.
The parties were unable to reach commercially acceptable terms for a long-term partnership, despite the potential benefits of combining their refining and fuel retail operations.
The merger would have combined Galp's Sines refinery in Portugal with Moeve's Huelva and Algeciras refineries in Spain, creating a platform with processing capacity of approximately 700,000 barrels per day.
The proposed transaction was initially expected to reach an agreement by mid-2026 but was delayed due to the complexity of negotiations. Galp and Moeve have ended talks to combine their Iberian refining and fuel retail operations, abandoning plans to create two major European energy platforms.
Full story Galp, Moeve scrap downstream merger as Iran war boosts refinery valuations | live
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