Moeve and Galp have abandoned negotiations over a potential combination of their downstream businesses in the Iberian Peninsula, ending months of discussions aimed at creating two independent platforms.
The companies confirmed the breakdown on October 26, following a non-binding agreement announced on January 8, 2026. They failed to reach final terms that satisfied both sides’ criteria for a lasting and value-accretive partnership.
Moeve said the proposed combination was an opportunity to accelerate its transformation, rather than a prerequisite for its long-term strategy.
“Positive Motion has always been a standalone strategy. The potential downstream combination with Galp represented an opportunity to accelerate value creation, but it was never a condition for its delivery.
"Following extensive discussions, it was not possible to reach a commercial agreement with Galp. We remain fully focused on executing our transformation with financial discipline and delivering sustainable long-term value," said Maarten Wetselaar, CEO of Moeve.
With the Galp talks over, Moeve is pressing ahead with its Positive Motion strategy, which aims to establish the company as a European leader in green molecules and sustainable mobility by 2030.
The company has begun construction of a green hydrogen project for industrial energy production, with an initial capacity of 300 MW and an investment exceeding €1 billion. It is also nearing completion of a €1.2 billion second-generation biofuels complex described as the largest of its kind in Southern Europe, with operations scheduled to begin in 2027.
Moeve has already divested more than 70% of its oil exploration and production assets and directs two-thirds of its capital expenditure towards industrial energy transition projects.
The company also recently introduced a new operating model designed to accelerate its transformation, streamline operations and sharpen its customer-focused approach.
Moeve’s downstream business is underpinned by a substantial refining base and Spain’s second-largest service station network, giving it an established position in the Iberian energy market.
The collapse of the negotiations removes a potential route to accelerating value creation through a combination with Galp. Moeve, however, has made clear that its transformation agenda will continue independently, with financial discipline and long-term value creation remaining central to its strategy.
