Moeve and Galp end talks on proposed downstream merger

Moeve and Galp have decided to end discussions regarding the potential combination of their downstream businesses in the Iberian Peninsula to create two independent platforms, according to the former on Monday (26 October). 

This comes following a 8 January announcement regarding a non-binding agreement between the two companies. 

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.

“Moeve and Galp did not reach final terms that met their respective criteria to support an enduring and value-accretive partnership,” Moeve said in a statement. 

Moeve, a major Iberian energy company, said it remains fully focused on executing its Positive Motion strategy to become a European leader in these areas by 2030.

In recent months, it commenced construction on Europe’s largest green hydrogen project for industrial energy production, with an initial capacity of 300 MW and an investment exceeding EUR 1 billion. It is also nearing completion of the largest second-generation (2G) biofuels complex in Southern Europe, representing a EUR 1.2 billion investment scheduled to begin operations in 2027. 

Moeve has already divested more than 70% of its oil exploration and production (E&P) assets and allocates two-thirds of its capital expenditure to industrial energy transition projects. 

In addition, Moeve recently unveiled its new operating model in order to accelerate the implementation of its Positive Motion strategy and to build a more agile and efficient organization. 

Maarten Wetselaar, CEO of Moeve, said: “Positive Motion 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.

“Following extensive discussions, it was not possible to reach a commercial agreement with Galp. We remain fully focused on executing our transformation with financial discipline and delivering sustainable long-term value.”

Manifold Times previously reported Moeve stating it made significant progress on its proposed downstream merger with Galp, with the companies expecting to sign definitive agreements in the second half of 2026.

Related: Galp and Moeve explore move to merge downstream portfolios
Related: Moeve and Galp target H2 2026 agreement on downstream merger

Photo credit: Moeve
Published: 27 October, 2026