Moeve and Galp have terminated negotiations around a proposed tie-up of their downstream refining, hydrogen, and fuel retail portfolios in the Iberian Peninsula.
The pair scrapped the plans after discussions failed to reach final terms that met their respective “strategic and financial criteria.”
They entered talks in January to establish a mobility platform focused on fuel retail, convenience, and mobility services, and an industrial platform covering refining, trading, chemicals, and low-carbon fuels, including biofuels and hydrogen.
Despite the conclusion, Moeve said it remains “fully focused” on its Positive Motion strategy, a 2030 roadmap targeting transition from an oil and gas supplier into a frontrunner in Europe’s green molecule sector.
While CEO Maarten Wetselaar said the Galp collaboration “represented an opportunity to accelerate value creation,” he added it was “never a condition for its delivery.”
The company recently broke ground on its 300MW Onuba green hydrogen project in Huelva, southern Spain.
Billed as Europe’s “largest” green hydrogen project, the 45,000 tonne per year plant could yet scale to 405MW and comprises the first phase of the company’s wider planned 2GW Andalusian Green Hydrogen Valley.
Galp, meanwhile, said the outcome “does not impact” its existing operations, with its “investment case and capital allocation priorities remaining unchanged.”
Galp is currently constructing a 100MW electrolyser plant at its refinery in Sines, which would replace 15,000 tonnes of existing grey hydrogen use with green. It is expected to come online this year.
