Galp Shares Slide as Government Welcomes Refinery Deal Collapse
Galp shares fell by more than 10 percent on Monday, wiping 1.7 billion euros off the company's valuation after talks to merge its refining and fuel retail operations with Spanish firm Moeve collapsed. The end of negotiations terminates discussions initiated under a January preliminary agreement between Galp and Moeve shareholders, including Abu Dhabi investment fund Mubadala. Minister of Environment and Energy Maria da Graça Carvalho said the government had feared losing national influence over Portugal's sole refinery in Sines, adding that authorities welcome Galp's intention to seek independent industrial partnerships.
Galp is Portugal’s integrated energy company operating in fuel, natural gas, electricity retail, refining and upstream activities, and it supplies households and businesses across the country. For expats, issues at Galp—such as recent billing disruptions—can mean unexpected large utility bills or service problems, so check your account, contact the supplier and keep billing records.
- Minister of Environment and Energy (2024–present)
- Party: Social Democratic Party (PSD), Partido Social Democrata
- Background: Mechanical engineer, academic, former MEP
Maria da Graça Carvalho (born 1955) is a Portuguese engineer and politician serving as Minister of Environment and Energy in the AD government. She holds a PhD in mechanical engineering and had a distinguished academic career at Instituto Superior Técnico, specializing in energy systems and building physics.
She served as a Member of the European Parliament (2009–2024), where she focused on research policy, innovation funding (Horizon 2020/Europe), and energy policy. Before entering politics, she was a scientific advisor to European Commission President José Manuel Barroso.
As Environment Minister, she oversees Portugal's energy transition, renewable energy expansion, water resources management, climate adaptation, and environmental regulation — portfolios that are central to issues like wildfire prevention, coastal erosion, and meeting EU climate targets.
