Portugal to use all tools to safeguard refining capacity in Galp-Moeve merger

Galp Energia SGPS SA

09/09/2026 08:10

LISBON, Sept 9 (Reuters) - Portugal's government is monitoring merger talks between Portuguese oil company Galp GALP.LS and Spain's Moeve and will use all available tools to safeguard the country's strategic refining capacity, Prime Minister Luis Montenegro said.
Since January, Moeve and Galp have been in talks to create two joint businesses - one operating 3,500 fuel stations throughout the Iberian Peninsula, and another combining Galp's refinery in the southern Sines area with Moeve's refineries in southwestern Spain's Huelva and Algeciras.
Moeve would hold a majority stake in the refining business, which would be one of Europe's biggest, while Galp would retain a stake of just over 20%.
Montenegro said late on Tuesday that the government had been monitoring the negotiations "from day one to safeguard Portugal's refining capacity", describing it as a matter of sovereignty as well as strategic and energy security.
"We will not refrain from using the full scope of action available to the government as a shareholder and through its regulatory authority," he told parliament.
While Montenegro did not specify which tools the government could use, Portugal has had legislation since 2014 to safeguard strategic assets in sectors including energy, and the state owns about 8.4% of Galp.
The importance of Galp's refinery in Sines, the country's only such facility, gives the government leverage to seek assurances on its future, even though it has no direct veto over the deal.


 (Reporting by Sergio Goncalves; Editing by Louise Heavens)
 ((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))