The Portuguese Government is considering increasing its shareholding in energy company Galp following the collapse of negotiations with Spain’s Moeve to combine their refining and fuel distribution businesses.
The move would strengthen the State’s influence over one of Portugal’s most strategically important energy companies.
Portugal’s Economy Minister, Manuel Castro Almeida, has confirmed that the Government is examining the possibility of increasing its existing 8% stake in Galp Energia after the Portuguese energy group and Spanish company Moeve abandoned discussions over a proposed merger of their downstream operations.
The negotiations, announced in January 2026, involved combining the companies’ refining, chemicals and fuel retail businesses to create one of Europe’s largest integrated energy operators.
The proposed agreement would have included Galp’s refinery at Sines, Portugal’s only operating oil refinery, alongside Moeve’s refineries at Huelva and Algeciras in southern Spain.
The combined businesses would have had refining capacity of approximately 700,000 barrels per day and a network of around 3,500 service stations across southern Europe.
Full story Portugal considers increasing Galp stake after collapse of Moeve merger talks - Essential Business
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