Galp, Moeve End Merger Talks on Refining and Distribution Units; Galp Q3 Profit Jumps 68%

Galp confirmed Monday that months of negotiations to combine its downstream, refining and distribution operations with Spain's Moeve failed after the parties could not reach a commercial agreement. The Portuguese energy company said the outcome has no impact on its operations or confidence in the business. Moeve CEO Maarten Wetselaar said the combination "represented an opportunity to accelerate value creation" but that the company's strategy was never dependent on the deal. Portuguese outlet ECO reported the talks collapsed because Galp chair Paula Amorim did not accept Moeve's demands. Moeve is owned by Abu Dhabi's Mubadala and U.S. group Carlyle. Separately, Galp disclosed in its quarterly results that third-quarter net profit rose 68% year on year to €682 million, citing record oil and gas production in Brazil and strong trading performance. Galp's downstream business includes a leading Portuguese retail network and energy transition projects in Sines, including one of Europe's largest electrolysis-based green hydrogen projects.