Spain's Moeve 'fully focused' on transformation strategy after Galp talks collapse

Carlyle

26/10/2026 07:00

MADRID, Oct 26 (Reuters) - The CEO of Spanish energy firm Moeve said on Monday the company was "fully focused" on its strategic transformation towards low-carbon businesses after talks with Portugal's Galp GALP.LS over a potential combination of downstream businesses collapsed. 
The strategy "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," Maarten Wetselaar said in a statement. 
"We remain fully focused on executing our transformation," the chief executive added.     
     Moeve, owned by Abu Dhabi fund Mubadala and US-based private equity firm the Carlyle Group CG.O, was formerly known as Cepsa. It rebranded in 2024 to reflect its shift towards low-carbon businesses under an €8 billion ($8.98 billion) plan. It has sold most of its oil production assets since 2022, including operations in Abu Dhabi and South America.

($1 = 0.8911 euros)


 (Reporting by Pietro Lombardi; Editing by David Latona)
 ((Pietro.Lombardi@thomsonreuters.com;))