{"id":35355,"date":"2026-01-20T16:53:08","date_gmt":"2026-01-20T16:53:08","guid":{"rendered":"https:\/\/www.europesays.com\/africa\/35355\/"},"modified":"2026-01-20T16:53:08","modified_gmt":"2026-01-20T16:53:08","slug":"with-refining-spin-off-galp-focuses-on-growing-upstream-in-brazil-namibia","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/africa\/35355\/","title":{"rendered":"With refining spin off, Galp focuses on growing upstream in Brazil, Namibia"},"content":{"rendered":"

Galp to focus on upstream growth in Brazil and NamibiaMerger with Moeve to form two new entitiesGalp will assess a public listing of its merger with Moeve after at least two yearsDAVOS, Switzerland, Jan 20 (Reuters) – Portuguese energy firm Galp (GALP.LS), opens new tab<\/a> will focus on growing its upstream business from oilfields in Brazil and Namibia and may list parts of its newly formed downstream business in a couple of years, its co-chief executive Joao Diogo Marques da Silva told Reuters on Tuesday.The company said earlier this month it was in talks<\/a> with private equity-backed Moeve to combine \u200ctheir businesses in two new entities – one focusing on retail and another on \u200brefining.<\/p>\n

Sign up here.<\/a><\/p>\n

Galp’s upstream oil and gas production business, which includes stakes in closely watched, undeveloped oil fields offshore Namibia<\/a>, would not be included in the merger.<\/p>\n

The deal, if successful, would create two new companies and result in the formation \u200dof one of Europe’s biggest refiners.<\/p>\n

The merger announcement led to analyst speculation that Galp might look to sell its upstream business.<\/p>\n

Marques da Silva said Galp is focusing on growing the upstream business rather than being an acquisition target as production \u2060will grow 10% in 2026 in Brazil alone.<\/p>\n

“We have a unique story in upstream. We’ve built growth, \u200da unique story with a very strong asset base,” he said in an interview at the World Economic Forum \u200cmeeting in \u200cDavos. “We are looking for additional value creation options.”<\/p>\n

Galp may return to Angola as opportunities open up, he added.<\/p>\n

The energy firm will also assess a public listing of its merger with Moeve after at least two years, Marques da Silva said, adding they are expecting a final agreement on the merger in mid-2026, when \u2060valuations would become clearer.<\/p>\n

Galp would \u2060control 50% of the \u200bretail venture with Moeve and around 20% of refining.<\/p>\n

Galp will need clarity on regulatory issues related to the retail business and will need to consolidate the refining and industrial business and complete investments before discussing a listing, he \u200dsaid.<\/p>\n

The agreement between Galp and Spain’s Moeve, whose shareholders are the United Arab Emirates’ state-owned investment company Mubadala and U.S. investment firm Carlyle Group (CG.O), opens new tab<\/a>, is non-binding.<\/p>\n

One of the new entities would run 3,500 retail fuel stations mainly in Spain and Portugal, \u200bselling more than 6.5 million metric tons of refined products \u200dannually.<\/p>\n

The other would operate Moeve’s Huelva and Algeciras oil refineries and Galp’s Sines refinery. The three facilities have combined capacity of around \u200b700,000 barrels per day.<\/p>\n

Reporting by Dmitry Zhdannikov, Writing by Stephanie Kelly, Editing by Louise Heavens and Susan Fenton<\/p>\n

Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n

Purchase Licensing Rights<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Galp to focus on upstream growth in Brazil and NamibiaMerger with Moeve to form two new entitiesGalp will…\n","protected":false},"author":2,"featured_media":35356,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[43],"tags":[488,1773,1401,685,3150,686,7291,687,1400,1762,1597,16140,4019,688,1763,1775,715,19110,7088,491,493,1592,1598,1593,19111,1594,4186,1397,1771,1768,714,17056,3151,1395,3153,3154,2875,2263,9036,3390,1405,638,1774,102,1394,20985,1595,1596,1765,1777,1767,1766,20991,1778,4024,19113,19114,1761,20990,4016,20989,19109,20986,20987,20984,1399,2876,20988,2846,1770,2836,2835,1590,592,1396,11568],"class_list":["post-35355","post","type-post","status-publish","format-standard","has-post-thumbnail","category-namibia","tag-afr","tag-amers","tag-ao","tag-bact","tag-bisv","tag-biz","tag-br","tag-cdm","tag-cenafr","tag-cmpny","tag-com","tag-corpd","tag-cprod","tag-dbt","tag-deal1","tag-destousnrg","tag-destozabsm","tag-dril","tag-dvst","tag-emea","tag-emrg","tag-ener","tag-enff","tag-eng","tag-enqsvc","tag-enr","tag-es","tag-europ","tag-expro","tag-ezc","tag-fin","tag-fine1","tag-fins","tag-gb","tag-invbis","tag-invm","tag-latam","tag-lng","tag-mngiss","tag-mtgfx","tag-mtpix","tag-na","tag-namer","tag-namibia","tag-news1","tag-ngs","tag-nrg","tag-oilg","tag-oili","tag-privt","tag-pt","tag-publ","tag-pve","tag-pxp","tag-ref","tag-refi","tag-refi1","tag-repiexploration-production","tag-repigas","tag-repigrid-infrastructure","tag-repilng","tag-repirefining","tag-res","tag-resf","tag-rsbishareholder-activism","tag-safr","tag-samer","tag-shract","tag-sustainable-business","tag-topicenergy-oil-gas","tag-topicenergy-power","tag-topicenergy-transition","tag-topicmarkets-commodities-energy","tag-us","tag-weu","tag-xpand"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/posts\/35355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/comments?post=35355"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/posts\/35355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/media\/35356"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/media?parent=35355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/categories?post=35355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/tags?post=35355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}