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Portugal considers increasing state stake in Galp

მარიამ ქადარიაNovember 2, 20261 min read
Portugal considers increasing state stake in Galp

The Portuguese government is considering increasing its 8% stake in oil company Galp Energia. The issue has become particularly active since negotiations collapsed on merging the company's refining operations with those of Spain's Moeve.

The plan envisioned merging Galp's Sines refinery with two Spanish Moeve facilities. Sines is Portugal's only refinery and a facility of significant importance to the country's energy security.

Negotiations broke down amid uncertainty caused by the US-Iran conflict. Following the conflict, refinery valuations rose, making it harder to agree on deal terms.

According to Portugal's Economy Minister Manuel Castro Almeida, the state is considering acquiring additional shares in Galp. The government recently also increased its stake in energy company REN. State holding company Parpublica acquired a 5.3% stake in the company, bringing the government's total holding up to 19%.

Source: Reuters

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