Moeve and Galp break off negotiations to merge their oil businesses

Moeve and Galp have ended negotiations to merge their oil refining businesses due to difficulties in reaching a valuation agreement amid challenging geopolitical conditions. The talks, which began on January 8, faced obstacles from the volatile oil market and declining refining margins linked to tensions from the Iran conflict. Moeve's CEO, Maarten Wetselaar, emphasized that the merger was not essential for their independent strategy, Positive Motion, aimed at becoming a leader in green molecules and sustainable mobility by 2030. Moeve is focusing on significant investments in green hydrogen and second-generation biofuels, while also restructuring for greater efficiency.