Energy firms Moeve and Galp are to explore combining downstream activities in the Iberian peninsula in a bid to become a bigger force in European energy and mobility.
The tie-up would create a scalable industrial platform that integrates refining, trading, chemicals, green molecules (biofuels and hydrogen) and retail service stations across Spain and Portugal.
Moeve’s current shareholders, Abu Dhabi sovereign wealth fund Mubadala and global investment firm Carlyle, would hold a controlling interest in the industrial combination, with Galp holding above 20%.
The plan is to develop ‘integrated multi-energy hubs’ which would support the development and deployment of low-carbon fuels and technologies and support decarbonisation in hard-to-abate sectors.
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