Galp and Moeve negotiate potential merger of downstream operations

Partnership Oil Gas announced Spain Mar 8, 2026

700000 b/d

Capacity

development

Stage

Galp and Moeve are in non-binding talks to merge their downstream operations, forming a combined entity with an estimated €15 billion enterprise value. This consolidation aims to enhance market share across Iberia.

Get daily oil gas deal alerts — free, no spam.

Counterparts (2)

Partner

Galp

company · 3 deals

Galp is an energy company committed to efficient and sustainable solutions in its operations and in the integrated offers to its customers. It develops its activities across all stages of the energy sector, from exploration and production of oil and natural gas to the development of renewable energy sources and the sale of energy products and services.

Moeve

company · 2 deals

Moeve is a company operating in the infrastructure industry. Further details on their specific investment focus and strategy are not available in the provided context.

Deal Analysis

The proposed merger of Galp and Moeve's downstream operations, currently in non-binding talks, could reshape the Iberian oil_gas landscape by creating a combined entity with an estimated €15 billion enterprise value. Announced on 2026-03-08, this consolidation aims explicitly to enhance market share across the Iberian Peninsula. The resulting partnership would control a significant 700,000 b/d capacity, establishing a formidable presence in Spain's downstream sector. This strategic move, still in its development stage, suggests a concerted effort to optimize regional refining and distribution assets. The focus on market share enhancement indicates a drive for scale and operational efficiencies within the competitive Iberian energy market. Galp, an energy company with operations spanning all stages of the energy supply chain, appears to be pursuing this partnership to deepen its downstream footprint in Spain. Its stated commitment to efficient and sustainable solutions likely underpins the commercial rationale for integrating these operations. Moeve, identified as an infrastructure industry company without further details on its specific investment focus, presumably views the €15 billion enterprise value of the combined entity as a compelling asset play. This regional consolidation, centered on the Iberian Peninsula, could significantly alter competitive dynamics for other energy firms operating in Spain. The deal offers Galp a clear path to reinforce its integrated offerings to customers within this key European market.

Estimated €15 billion enterprise value for the combined downstream entity.
Non-binding talks between Galp and Moeve for a partnership.
Targeted market share enhancement across the Iberian Peninsula.
Combined operational capacity of 700,000 b/d.
Deal announced on 2026-03-08, currently in development stage.
Galp operates across all stages of the energy supply chain.

Source Intelligence

KEY DETAILS

The talks center on developing two new integrated platforms: IndustrialCo and RetailCo. IndustrialCo will include Galp and Moeve’s refining, trading, chemical, and lower-carbon fuel-related operations. RetailCo will include its respective retail fuel business, including EV-charging station development. The combined entity will operate approximately 3,500 retail fuel service stations in Iberia. The talks are non-binding and contingent upon completion of extensive due diligence, receipt of corporate approval, and regulatory consent. Moeve has developed the Andalusian Green Hydrogen Valley. Galp has developed several renewable-fuel-related initiatives. Quote: "The parties’ talks center on developing two new integrated platforms — IndustrialCo and RetailCo — each focused on consolidating and expanding their presence throughout the Iberian Peninsula." Quote: "IndustrialCo will include Galp and Moeve’s refining, trading, chemical, and lower-carbon fuel-related operations." Quote: "Meanwhile, RetailCo will include its respective retail fuel business, including EV-charging station development." Quote: "Together, the two companies own or operate approximately 3,500 retail fuel service stations in Iberia" Quote: "Both companies emphasize that the talks continue to be non-binding and contingent upon completion of extensive due diligence , receipt of corporate approval, and regulatory consent." Quote: "Moeve has developed the Andalusian Green Hydrogen Valley, one of the largest hydrogen projects in the region." Quote: "Galp has developed several renewable-fuel-related initiatives"

“

Capacity

IndustrialCo will combine over 700,000 b/d of crude processing capacity across three coast-based sites — the largest in Europe.

“

Location

each focused on consolidating and expanding their presence throughout the Iberian Peninsula.

“

Expected Close

Final agreements are expected by mid-2026

PARTIES MENTIONED IN SOURCE

Galp party in non-binding talks

"Galp and Moeve negotiate potential merger"

Moeve party in non-binding talks

"Galp and Moeve negotiate potential merger"

medium quality Enriched Mar 9, 2026

Timeline

Announced

Mar 8, 2026

Signed

Closed

Get the full picture — timeline, source intelligence, and counterpart analysis.

Source

energiesmedia.com

View Full Deal Details

Galp and Moeve negotiate potential merger of downstream operations

Counterparts (2)

Deal Analysis

Source Intelligence

Timeline

Source

Related Deals

More Oil Gas Deals

More Deals in Spain