Spanish energy company Moeve and Portugal’s Galp are working toward signing a definitive agreement on their proposed downstream merger during the second half of 2026, according to Ship & Bunker.
The update was disclosed alongside Moeve’s first-half 2026 financial results, released on Friday. Ship & Bunker reports that talks between the two companies are continuing to progress toward a deal.
Merger Talks Advance
Ship & Bunker had first reported in January that Moeve and Galp were exploring a potential merger involving parts of their downstream businesses. That process appears to be moving forward, with Moeve confirming its intentions in the latest results announcement.
“We have made strong progress with the proposed downstream merger with Galp and expect to sign definitive agreements in the second half of the year,” said Maarten Wetselaar, CEO of Moeve, as quoted by Ship & Bunker.
According to Ship & Bunker, the deal remains non-binding at this stage and will require both corporate and regulatory approvals before it can proceed. Moeve stated that the proposed combination could strengthen the two companies’ position in the Iberian energy market, the outlet reports.
Financial Performance
Ship & Bunker reports that Moeve posted clean CCS EBITDA of €1.18 billion for the first half of 2026. Net income rose 41% year-on-year to €458 million over the same period, according to the outlet.
Bunker Fuel Context
In the marine fuels sector, Ship & Bunker notes that Galp supplies bunker fuels in Portugal, including biofuels and LNG, while Moeve handles bunker fuel supply in Spain.
Does this matter to you?
A downstream merger between Moeve and Galp could have implications for bunker fuel supply arrangements across the Iberian Peninsula, given that both companies are active bunker fuel suppliers in their respective markets—Galp in Portugal and Moeve in Spain. Vessel operators and charterers bunkering in Spanish and Portuguese ports may want to monitor how this consolidation develops, particularly regarding any changes to supply structures, product availability, or commercial terms once a definitive agreement is signed. However, the source material does not detail specific operational changes to bunker fuel supply that would result from the merger, so any direct impact on marine fuel availability or pricing in the region is not yet clear based on current reporting.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
