Prime Minister Luís Montenegro announced that the Government is monitoring "from the first hour" the negotiations between Portuguese oil company Galp and Spanish Moeve, with the aim of "strategically safeguarding the refining capacity in Portugal". This statement was made during the debate in Parliament on the motion of censure presented by Chega, in response to questions posed by PCP leader Paulo Raimundo.
Montenegro promised that the Executive "will not fail to use all the margin that the Government has as a shareholder and that the Government has with all its regulatory power" to ensure the strategic value of the country. The Prime Minister classified this matter as a domain "of sovereignty, of strategic and energy security", underscoring the seriousness of the issue.
In January, Galp, the Mubadala Investment Company and The Carlyle Group (shareholders of Moeve) announced a non-binding agreement to move forward with detailed discussions on a potential merger of their downstream portfolios. The plan contemplates the creation of two companies on the Iberian Peninsula: RetailCo, with 3,500 service stations, in which Galp would hold approximately 50%, and IndustrialCo, for refining and trading, in which Galp would have at least 20%. Galp's co-CEOs indicated that they expect to sign the agreement in October.
The Prime Minister was also questioned about the State's entry into REN's capital with a stake of 13.7%, promising to bring all necessary information to Parliament when the process is concluded. Regarding the impact on energy prices, Montenegro argued that the strategic management of production capacity, transport and distribution creates conditions for a reduction in prices.
