Galp, Mubadala-Owned Moeve Explore Iberian Downstream Tie-Up

Galp Energia SGPS SA said it’s holding early discussions with the owners of Spain’s Moeve about a possible combination of their Iberian filling stations and refining plants.

The companies are considering creating two joint ventures, with one focused on retail and another on industrial activities, according to a statement on Thursday. The aim is to create “two leading energy companies in the Iberian Peninsula,” Galp said. Its shares rose as much as 1% at the open in Lisbon.