Latest news and stories about economic activity in government in Setúbal, Portugal for expats and residents.
Former ministers and experts urge the Portuguese government to intervene in the Galp-Moeve deal, warning that failure to act could result in the loss of national control over the Sines refinery, reduced market competition, and increased financial burdens on taxpayers.
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.
Galp anticipates that negotiations with Moeve shareholders to combine their refining and marketing businesses will conclude in the fourth quarter, though it aims to finalise the deal as soon as possible. Co-CEO Maria João Carioca stated that while the fourth quarter is more likely than the third, the delay is due to the scale and complexity of the transaction rather than any specific disagreements or asset valuation issues. The deal involves integrating refining, petrochemical, and fuel marketing portfolios across the Iberian Peninsula, including Galp's Sines refinery and Moeve's Spanish facilities. Meanwhile, the Portuguese government is exploring legal instruments to ensure the Sines refinery remains in Portugal and maintains its capacity to supply the country during crises, given that Moeve's shareholders are based outside the European Union.
The purchase of three FREMM EVO frigates from Italy for approximately 3.9 billion euros will have a “remarkable” return for the national economy, with the involvement of Portuguese companies in areas such as simulators, integrated communication systems, or combat systems, as well as improvements at the Alfeite Arsenal, guarantees the Ministry of Defence.
It is most disconcerting, to say the least, to hear that the government has only until the end of July to avert the fall of this national asset unto the The post Portugal: Sines oil refinery – a new direction appeared first on Portugal Resident.
“We will do everything” to defend the strategic interest of the Sines refinery, says Miranda Sarmento, but does not specify what will be done.
The Government intends to launch tenders by the end of next year for nine of the 15 port concessions outlined in the Portos 5+ plan, presented in 2025, reports Jornal de Negócios this Thursday. Among them is the future Vasco da Gama terminal in Sines, which will have a capacity of 3.5 million TEU (unit ...
Socialists consider the explanations provided in parliament by the Minister of Environment and Energy to be insufficient and want to see price drops in petroleum products reflected in the national market.
Portugal’s government is examining what legal powers it may have to intervene in the planned Galp-Moeve deal, as it seeks guarantees that the Sines refinery remains in Portugal and prioritises The post Government weighs legal options over Galp-Moeve deal appeared first on Portugal Resident.
The Minister of Environment and Energy stated on Wednesday, July 1st, that the government is studying legal instruments to ensure the Sines refinery remains in Portugal and continues to supply the country during crises, following the non-binding agreement between Galp and Moeve shareholders. Maria da Graça Carvalho noted that the government's priorities are to keep control of the refinery within Portugal and guarantee supply security. She highlighted that the government is exploring all legal avenues, particularly given that Moeve's investors are based outside the European Union, and noted the state's 8.24% stake in Galp as a key factor in its ability to intervene.
The Government's priorities include ensuring 'the power for the refinery not to leave Portugal' and the capacity to 'act or guarantee supply in crisis situations', explains Maria da Graça Carvalho, given that Moeve's investors and shareholders are from outside the European Union.
The Government's priorities also include the capacity to act or guarantee supply in crisis situations.
Hours after the PS reached an agreement with the PSD for a single social benefit, the secretary-general criticised Montenegro's Executive. He also stated he does not agree with the IMF's advice.
The secretary-general of the PS, José Luís Carneiro, accused the Government this Wednesday of being “without an agenda for the economy” and argued that the Port of Sines, in the Setúbal district, should be given high political priority. “What I have felt is that the Government is currently without an agenda for the economy and that is worrying...”
Socialist leader considers the lack of an agenda from Luís Montenegro's executive “worrying because the economy is losing international competitiveness”.
The world's largest sovereign wealth fund, Norway's, holds positions in eight companies in Portugal. Funds from Singapore and the United Arab Emirates have had, currently have, and may come to have greater influence.
The association representing the metalworking sector says it has already identified Portuguese companies moving production to countries like Albania and Turkey due to new European rules for steel. A total of 186 public managers have been performing their duties since 13 October 2023 without a management contract, as...
The new centrality of Portugal, as stated by the Government, includes Santiago do Cacém, Sines, and Santo André, according to mayor Bruno Pereira. For the mayor of Santiago do Cacém, the weight of this region in investment and GDP, with over 20 billion euros in projected developments, requires...
Customs representatives praise the creation of a customs office in Sines, but believe the Government could go further and move forward with a Free Trade Zone on the Alentejo coast, similar to the one in Madeira. The head of the Order of Official Customs Brokers (ODO) states that the creation of the Sines Customs Office constitutes a major milestone.
Portugal’s economy has demonstrated remarkable resilience in the years following the Covid-19 pandemic, with strong growth, rising wages and continued success in attracting major international investment, according to Finance Minister The post Sines investment boost reflects economic strength appeared first on Portugal Resident.
Sines has a 30 billion 'gold mine', but the Government needs to step up its game regarding infrastructure. Meanwhile, Montenegro and Ventura are testing their strength over the revision of the laws.
Socialist deputies elected for the Setúbal constituency state that Sines is positioned as one of the main drivers of national economic development.
The Minister of Labour says that without the reform of the labour law, wages will never grow.
The Minister of Economy and Territorial Cohesion acknowledged that “Sines no longer has the capacity to host large companies”. Manuel Castro Almeida says it is not possible to continue pushing large investors towards Sines and that the solution involves creating six new business reception areas under the Transformation and Recovery Plan.
The Minister of Defence stated this Saturday, May 23, that the mechanism created by the Government to oversee investments in the sector will be the most effective and transparent in the history of democracy, while highlighting the central role of the Navy in the current international context. During the official Navy Day celebrations in Setúbal, Nuno Melo referred to the Council of Ministers' approval of a mission structure responsible for managing loans from the European Peace Facility (EPF), amounting to 5.8 billion for Defence, and an independent commission to monitor the application of investments in the area. The minister emphasized that the new frigates will be a transformative leap for the Navy, ensuring modern and credible naval capabilities, and reiterated the importance of maintaining a balanced Navy that combines conventional and unconventional assets to protect Portugal's vast maritime territory.
Petrogal's representative structure accuses the Government of devaluing the strategic importance of the Sines refinery.
Start Campus, in Sines, is not part of the Portuguese and Spanish bid for European Union funding to build an AI gigafactory, but the project was used as a reference and there is a desire to host it. The governments of Portugal and Spain formalised their intention just over a month ago to...
The webpage provides a roundup of recent news related to Portugal, covering infrastructure, healthcare, politics, and local incidents. Key highlights include Infraestruturas de Portugal resolving over 90% of road closures, the opening of a regional emergency at Hospital de Loures, and a tragic motorcycle accident in Setúbal. Politically, José Luís Carneiro was re-elected as the leader of the Socialist Party with the highest votes ever in the Assembly of the Republic. Additionally, there are updates on economic matters such as the need for fuel certification and interest rate increases on certificates. The site also features international and regional news, including ongoing conflicts in Ukraine, Middle East tensions, and statements from Ukrainian President Zelensky. Sports updates mention FC Porto's upcoming match and transfer rumors involving Benfica and FC Porto.
Alcácer do Sal experienced the “largest flood on record” in the municipality. Residents, shopkeepers, and fishermen saw their homes and businesses affected. In addition to insurance, they are awaiting “quick” support from the Government.
