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Galp and Moeve End Joint Venture Talks; Galp Shares Fall 9.5%

Portugal's Galp and Moeve have ended talks regarding two joint ventures featuring refineries with a capacity of 700,000 barrels per day and 3,500 gas stations, causing Galp shares to drop 9.5%.

October 26, 2026
Galp and Moeve End Joint Venture Talks; Galp Shares Fall 9.5%

Portuguese energy company Galp and Moeve have ended talks on two downstream joint ventures, according to the Euronext stock exchange.

The two joint ventures cover refineries with a capacity of nearly 700,000 barrels per day and around 3,500 gas stations. Galp's co-CEO stated that the two parties did not reach an agreement on commercial terms, adding that "no deal is better than a bad deal."

Galp's stock dropped 9.5% following the announcement of the breakdown of talks.

Euronext quoted a source saying that the two companies do not intend to resume talks in the medium term.

What do these terms mean?

Joint Venture: An entity or activity owned by two or more companies that share its management, profits, and risks.

Downstream Activities: Stages of the oil industry following crude extraction, including refining, product transport, distribution, and sales.

Barrels Per Day: A unit measuring refinery capacity or daily oil production volume, with each barrel equaling about 159 liters.

Commercial Terms: Agreement provisions relating to price, shares, management, and profit distribution among the deal's parties.

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