Galp does not give up on a partner for the Sines refinery

Galp Energia considers a partnership strategy for its Sines refinery attractive after ending talks with Moeve. The company's executives emphasized the need for long-term value creation and alignment in any future joint ventures. They cited various factors, including market instability and government regulations, as reasons for the failed negotiations. Despite a drop in stock prices, they highlighted the quality of Galp's assets and the potential for future partnerships, particularly in renewable energy. The executives also addressed refining margins, which have recently declined due to increased freight costs, indicating a need to reassess transportation strategies if pressures persist.