Portugal analiza subir en Galp tras el fin a la fusión con Moeve

The Portuguese government is assessing the possibility of increasing its stake in the oil company Galp, following the failure of merger talks with Spanish firm Moeve, formerly known as Cepsa, according to Reuters. Lisbon aims to strengthen its control over strategic assets and national energy security, particularly around the Sines refinery, which is the country's only refinery.

Both companies announced last week the cancellation of discussions to integrate their fuel refining and distribution businesses. The US-Iranian war has disrupted energy sector outlooks, making it difficult to establish economic valuations for long-term deals. Portuguese Economy Minister Manuel Castro Almeida explained that suspending negotiations was a business decision respected by the government, while emphasizing the state's responsibility to protect critical energy supply infrastructure.

When asked about a potential increase in public ownership in Galp, the minister avoided confirming or denying the move, stating that any statement could directly impact the company's stock price. This possibility fits into a broader strategy by Lisbon to bolster its presence in strategic sectors. Recently, the state-owned Parpública acquired an additional 5.3% in REN, the electricity and gas transmission operator, raising public ownership to 19%.

The initial Galp-Moeve deal, proposed by Abu Dhabi state fund Mubadala and Carlyle, aimed to integrate Sines, Huelva, and Algeciras refineries through joint ventures. Its cancellation highlights how geopolitical tensions are influencing corporate decisions and elevating the strategic importance of European energy infrastructure.