By: ICN Bureau
Last updated : January 08, 2026 5:03 pm
IndustrialCo will drive regional investment and transform old refineries into multi-energy hubs, creating low-carbon fuel facilities for a reindustrialized Iberia
Moeve and Galp are exploring a major downstream merger in the Iberian Peninsula, aiming to create two new energy giants: an industrial B2B platform (IndustrialCo) for refining, chemicals, and green molecules, controlled by Moeve's owners (Mubadala, Carlyle) with a Galp stake, and a retail/mobility platform (RetailCo) for fuel/EV charging/convenience, co-controlled by both groups. This non-binding agreement focuses solely on downstream assets, excluding Galp's Upstream, Renewables, and Trading operations.
The proposed combination brings together complementary assets, capabilities and teams across Spain and Portugal, with the objective of enhancing scale and investment capacity, while supporting the energy transition and strengthening the resilience, reliability and competitiveness of the Iberian energy system.
IndustrialCo will drive regional investment and transform old refineries into multi-energy hubs, creating low-carbon fuel facilities for a reindustrialized Iberia, boosting energy security, and cutting emissions in tough-to-decarbonize industries like steel and chemicals.
This industrial merger creates a powerful refining platform in Spain/Portugal, leveraging coastal access for green hydrogen and low-carbon fuels, boosting scale and investment to transform refineries into integrated energy hubs, ensuring strategic relevance, and driving the region's energy future.
The intention is for RetailCo to combine the service-station networks of both companies to create a truly pan-Iberian network, with approximately 3,500 sites, primarily located across Spain and Portugal. The enlarged scale is expected to allow the new company to offer a stronger customer service proposition, further value to clients, and greater convenience, including improved food-to-go and mobility offerings. The combination will also accelerate investment in EV charging and next-generation mobility services, supporting the transition to cleaner transport across Iberia.
During the negotiation process, Moeve and Galp will continue to operate as independent companies, with full continuity of operations, supply and customer service across all activities and geographies.
“This potential combination represents a unique opportunity to strengthen the role of the Iberian Peninsula in the energy transition by creating platforms with the scale, resilience and investment capacity required to deliver change at pace. By bringing together industrial excellence, downstream reach and a strong pipeline of low-carbon projects, we aim to attract long-term capital and accelerate the deployment of solutions that support competitiveness, decarbonization and economic growth. At Moeve, we believe that disciplined investment, technological innovation and long-term partnerships are essential to ensure that the energy transition translates into thriving, future-proof businesses for the region,” said Maarten Wetselaar, CEO of Moeve.
“I am extremely pleased that we have reached this preliminary agreement and launched such a major strategic discussion. Galp’s growth vision has always been based on partnerships with highly credible operators that have consistently proven to be value accretive. By combining Galp’s and Moeve’s complementary capabilities and expertise on downstream operations, we have the opportunity to create major European players in Iberia, each benefiting from greater focus, tailored capital allocation, and key flexibility to drive sustainable growth and value. It is my firm belief that this opportunity reinforces our ability to support and promote a just energy transition, capable of addressing evolving market needs and ensuring safe and responsible energy supply to Iberia,” said Paula Amorim, Chair of Galp.