Business

Galp and Moeve explore move to merge downstream portfolios

Both shareholders have reached an agreement to advance detailed discussions on the potential combination of their downstream portfolios with the aim of creating two energy companies.

Published

6 months ago

January 9, 2026

Admin

Galp and Moeve explore move to merge downstream portfolios

Galp and Moeve’s shareholders Mubadala Investment Company and The Carlyle Group (Moeve), 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 energy companies in the Iberian Peninsula: the “RetailCo” and the “IndustrialCo”.

According to a statement by Galp, the companies believe that, by combining their downstream activities, the businesses will be better placed to unlock value, reinforce scale and strategic positioning, and benefit from the complementary competencies and personnel expertise of both Galp and Moeve.

Galp will sharpen its focus on its differentiated equity story, leveraging its core positions in Upstream, holding a highly competitive portfolio which remains a central growth engine, together with Renewables and Supply & Trading of oil, gas and power. This transaction would potentiate a clearer consolidated strategy, free cash flow accretion and enable enhanced capital returns to shareholders.

The transaction remains entirely subject to the negotiation and execution of final and binding documentation on terms satisfactory to both Galp and Moeve, including an in-depth due diligence process, and to the obtaining of the relevant corporate approvals by the respective governing bodies. Completion shall also be subject to any relevant third-party authorizations and regulatory approvals being obtained. A potential agreement is expected by mid-2026.

The “RetailCo” would be co-controlled by Galp and Moeve, holding balanced stakes, ensuring continued alignment on strategy and investment decisions, and would become one of the largest mobility operators in Iberia, with a relevant market presence through a network of around 3,500 service stations primarily located in the Iberian Peninsula. Combined oil products sales to direct clients are estimated to exceed 6.5 mton in 2025.

The enlarged scale would enable offering stronger customer value and convenience proposition, whilst accelerating and optimising investments in EV charging infrastructure and next‑generation mobility solutions. This is expected to support the transition to cleaner transport across Iberia and strengthen competitiveness across the B2C value chain.

The “IndustrialCo” would focus on refining, petrochemicals and supply activities, with a combined crude processing capacity close to 700 kbpd across three industrial sites.

Considering Moeve’s existing industrial assets and chemical plants, Galp is expected to hold a meaningful minority position of more than 20% in this venture. The “IndustrialCo” would include Galp’s industrial businesses, in particular refining activities, related supply and trading of oil and oil products, operation of logistics assets and commercial B2B activities. The combination is expected to bring together a strong pipeline of green‑molecule projects, including Galp’s low‑carbon projects currently under construction and Moeve’s Andalusian Green Hydrogen Valley, which includes the potential development of two green hydrogen production hubs.

The combined industrial platform would position Iberia as a competitive and resilient industrial hub, with the scale, integration, and capabilities required to attract sustained investment and drive energy‑transition solutions in hard‑to‑abate sectors.

As independent companies, both businesses are expected to be self‑funded and are well positioned to generate synergies and operational efficiencies, whilst pursuing growth opportunities and advance energy transition solutions.

Moeve, formerly Cepsa, is a marine fuels provider in Spain. The company offers 2G biofuels, LNG, and conventional marine fuels including VLSFO, MGO and HSFO.

Photo credit: Galp
Published: 8 January, 2026

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

17 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026