{"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":""},"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":{"0":"post-35355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-namibia","8":"tag-afr","9":"tag-amers","10":"tag-ao","11":"tag-bact","12":"tag-bisv","13":"tag-biz","14":"tag-br","15":"tag-cdm","16":"tag-cenafr","17":"tag-cmpny","18":"tag-com","19":"tag-corpd","20":"tag-cprod","21":"tag-dbt","22":"tag-deal1","23":"tag-destousnrg","24":"tag-destozabsm","25":"tag-dril","26":"tag-dvst","27":"tag-emea","28":"tag-emrg","29":"tag-ener","30":"tag-enff","31":"tag-eng","32":"tag-enqsvc","33":"tag-enr","34":"tag-es","35":"tag-europ","36":"tag-expro","37":"tag-ezc","38":"tag-fin","39":"tag-fine1","40":"tag-fins","41":"tag-gb","42":"tag-invbis","43":"tag-invm","44":"tag-latam","45":"tag-lng","46":"tag-mngiss","47":"tag-mtgfx","48":"tag-mtpix","49":"tag-na","50":"tag-namer","51":"tag-namibia","52":"tag-news1","53":"tag-ngs","54":"tag-nrg","55":"tag-oilg","56":"tag-oili","57":"tag-privt","58":"tag-pt","59":"tag-publ","60":"tag-pve","61":"tag-pxp","62":"tag-ref","63":"tag-refi","64":"tag-refi1","65":"tag-repiexploration-production","66":"tag-repigas","67":"tag-repigrid-infrastructure","68":"tag-repilng","69":"tag-repirefining","70":"tag-res","71":"tag-resf","72":"tag-rsbishareholder-activism","73":"tag-safr","74":"tag-samer","75":"tag-shract","76":"tag-sustainable-business","77":"tag-topicenergy-oil-gas","78":"tag-topicenergy-power","79":"tag-topicenergy-transition","80":"tag-topicmarkets-commodities-energy","81":"tag-us","82":"tag-weu","83":"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}]}}