Norbolsa | Moeve and Galp announced last week that they are in negotiations to merge their downstream businesses. The possible creation of two European energy platforms is being evaluated:
- An industrial platform focused on refining, chemicals, trading, green molecules and low-carbon fuels, aimed at serving B2B customers (IndustrialCo); Moeve’s current shareholders, Mubadala and Carlyle, will control the industrial platform, while Galp will retain a stake of more than 20%.
- Another mobility platform focused on fuel sales (including electric vehicle charging) and convenience services for retail and mobility customers, which will in turn drive the development of next-generation mobility solutions (RetailCo). The current shareholders of Moeve and Galp will have shared control of RetailCo.
With this joining of forces, Moeve-Galp gains size and investment capacity and is strengthened for its energy transition. In terms of size, it is approaching Repsol, with a similar number of service stations and refining capacities also very close to Repsol.
