Galp, Moeve in talks to combine refining, fuel retail businesses

Reuters01-08

Galp, Moeve in talks to combine refining, fuel retail businesses

Agreement is non-binding

Combined entities would have refining capacity of 700,000 bpd

Combined entities would include 3,500 fuel retail sites in southern Europe

By Shadia Nasralla and Sergio Goncalves

Jan 8 (Reuters) - Portuguese energy firm Galp GALP.LS and private equity-backed Moeve are in talks to combine their refining, chemicals and fuel retail businesses, they said on Thursday, in a deal that, if successful, would create one of Europe's biggest refiners.

Under a non-binding agreement, Galp and Madrid-headquartered Moeve plan to create two new firms. One would run 3,500 fuel retail stations mainly in Spain and Portugal with the other operating three refineries with combined capacity of around 700,000 barrels per day.

Moeve's shareholders are the United Arab Emirates' state-owned investment firm Mubadala and U.S. investment firm Carlyle Group CG.O.

Galp's upstream oil and gas production business would not be included in any merger.

(Additional reporting by Stephanie Kelly; Editing by Joe Bavier)

((shadia.nasralla@tr.com))

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