Latest news and stories about economic activity in finance in Setúbal, Portugal for expats and residents.
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“Practically all the crude oil that enters Portugal comes through Sines,” states Pedro do Ó Ramos, president of the Port of Sines, explaining that the major suppliers of both crude oil and natural gas are not from the Middle East.
The economic value generated in the Portuguese economy by the Microsoft ecosystem reached 7.3 billion euros last year, equivalent to 2.5% of the GDP, the tech company announced this Thursday. According to the study, this figure is projected to rise to 9 billion euros once the Sines operation reaches full capacity. The ecosystem has generated approximately 35,000 direct and indirect jobs, with an expected increase of 8,300 roles driven by AI investments. Microsoft Portugal's General Manager, Andrés Ortolá, highlighted the rapid global adoption of generative AI, while EY's Rui Faustino noted that for every euro invested in Microsoft solutions, companies can expect 9.6 euros in productivity gains over time.
The Microsoft ecosystem already generates 7.3 billion euros in the Portuguese economy and could grow with new investments in digital infrastructure, including the Sines data centre.
The port of Sines is monitoring tensions in the Middle East, but it was storms that most affected offloading operations this year.
Last year, the economic value generated by Microsoft and partner companies in Portugal was equivalent to 2.5% of the GDP. The company estimates that this value may grow with the operation of the Sines data centre.
The article discusses Portugal's strategic developments in the port of Sines, focusing on the advancement of the new Vasco da Gama terminal. After an initial international tender in 2019 received no proposals, authorities are now conducting detailed market and demand studies to better align the project with market expectations. The revised plan aims to make the concession more attractive by extending its duration to up to 75 years, facilitating investment security. The study's completion is expected by April, with a subsequent presentation to the government to prepare a more competitive tender process, potentially launching a new international bidding by late 2023 or early 2024. Additionally, Sines is positioning itself as a key player in Europe's green energy transition, leveraging renewable energy, hydrogen projects, and logistics to enhance its international profile.
In Sines, Repsol already has its Alba project underway, an investment that has risen from €657 million to €820 million, aimed at expanding the petrochemical complex by 120 hectares and building two new polymer factories.
The market study for the Vasco da Gama container terminal in Sines is expected to be completed in April, the port administration revealed today, admitting it may launch the tender for this new facility by early 2027.
Home Business Sines, Energy and Artificial Intelligence: Where the New Economy Begins Sines, Energy and Artificial Intelligence: Where the New Economy Begins There are times when a territory is no longer just geography and becomes a strategy. Sines is experiencing one of those moments.
Mining companies Somincor – Sociedade Mineira de Neves-Corvo, S.A. and Almina – Minas do Alentejo, S.A. will continue to operate in a 1.8-hectare area at the Praias do Sado Terminal, in the municipality of Setúbal, for the next ten years. On Monday, the APSS – Administration of the Ports of Setúbal and Sesimbra, S.A. announced the agreement in a statement.
Nscale is involved in the data centre to be built in Sines and has just secured the largest funding round ever for a European company. The British tech firm raised two billion dollars (1.73 billion euros at the current exchange rate) in an investment round that values the company at 14.6 billion dollars. The round was led by Aker ASA and 8090 Industries, but the highlight among investors is Nvidia, the world's largest semiconductor chip manufacturer by sales volume. Other participants include Nokia, Lenovo, Astra Capital Management, Citadel, Dell, Jane Street, Linden Advisors, and Point72. Founded in 2024, Nscale is a startup that has already achieved a decisive status in the Artificial Intelligence (AI) ecosystem by developing infrastructure, data centres, and operating cloud services. To fuel its growth, it recently appointed three new board members: Sheryl Sandberg, former COO of Meta; Nick Clegg, former UK Deputy Prime Minister and Meta executive; and Susan Decker, former president of Yahoo. Notably, among Nscale's responsibilities is the installation of 12,600 state-of-the-art Nvidia chips at the data centre to be built in Sines. Construction is being handled by Start Campus, and the technological infrastructure is the result of a partnership between Nvidia and Microsoft, two of the world's largest technology and AI companies. AICEP applauds Microsoft's investment in Sines, which strengthens the country's position as a European digital hub. Nokia guarantees 'cutting-edge technology' to accelerate Nvidia's data centres. Over 12,000 Nvidia AI chips are on their way to bolster the Sines data centre.
Azul Empírico, a subsidiary of the Davidson Kempner fund, has proposed a significant investment of 203 million euros to acquire the agricultural company Herdade da Comporta, indicating a strong interest in the agricultural and real estate market in the region.
President Marcelo Rebelo de Sousa has proposed discussions on establishing a disaster fund in Portugal to address damages from increasing natural disasters, such as recent floods. During a visit to the flooded area of Alcácer do Sal, he highlighted the need for financial relief for businesses affected by such calamities, especially those without insurance. He noted that similar funds exist in the European Union and emphasized the opportunity presented by the Recovery and Resilience Plan (PRR) to support this initiative.
Portugal attracted €3.58 billion in major investment projects in 2025, a new record, according to data released by the Government this Tuesday in Sines. These investments contracted by AICEP last year were supported with €803 million. On Tuesday the drafts of the investment contracts, which had been approved, were signed ...
The president of the Development Bank said today that Portugal’s bid for an Artificial Intelligence (AI) gigafactory in Sines will be strengthened, including through increased planned investment, as he believes this will raise the chances of winning the competition run by the European Commission.
It is an agreement that could lead the Sines refinery to join a joint venture. Also in this bulletin: the campaign for the presidential election and Donald Trump's threats to Iran.
The new building was designed to accommodate complex tasks related to Artificial Intelligence, meeting the operational needs of clients 'across Europe'.
The Portuguese Navy has signed a €41.4 million contract with Arsenal de Alfeite for maintenance and repair services on ships and auxiliary units under a three-year agreement. "This agreement establishes a stable and predictable framework for collaboration, allowing better planning of work, greater efficiency in ...
In Palmela, at Autoeuropa, the General Secretary of the PCP believes that the government lives in its own bubble. Paulo Raimundo also states that the new announcement of the minimum wage is the Prime Minister's desperation.
French investors are drawn to the potential of Costa de Caparica, leading to a significant investment of 10 million euros.
Autoeuropa workers unanimously approved joining the general strike scheduled for the 11th of this month. This move could lead to the shutdown of the Palmela plant.
