Moeve (formerly Cepsa) and Galp have reached a non-binding agreement to advance detailed discussions on the potential combination of their downstream portfolios with the aim of creating two leading companies in Spain and Portugal (Moeve press release, 08/01/2026). The two Spanish companies will assess the potential creation of an “industrial” joint venture focused on refining, chemicals, trading, green molecules and low-carbon fuels, serving B2B customers and a “mobility” affiliate focused on fuel retail (including EV charging) and convenience, serving retail and mobility customers. The proposed industrial platform will have a combined crude processing capacity close to 700 kb/d across three sites. The mobility affiliate will own and operate 3,500 services stations mainly located in the Iberian Peninsula, with combined oil products sales to direct clients estimated to reach 6.5 Mt in 2025.
“Moeve’s current shareholders, Mubadala and Carlyle, will hold a controlling interest in the Industrial Combination, with Galp holding above 20%.”, indicates Moeve’s press release, while the “mobility” affiliate will be co-controlled by Moeve’s current shareholders and Galp. The proposed deal does not include other Galp businesses, such as upstream, renewables, supply & trading of oil, gas and power.