Portugal's Sines refinery at risk as Galp-Moeve merger raises strategic concerns

The Association for Economic Development (SEDES) warned that the planned merger of Galp Energia’s refining and marketing businesses with Spain’s Moeve could have serious strategic consequences for Portugal. By integrating the sole Portuguese refinery at Sines into an Iberian network, the country could become dependent on decisions made outside its borders and the EU for the supply of refined fuels, while risking the loss of technical know‑how, research capacity and future investment.

SEDES cited the 2017 closure of the Matosinhos refinery and the resulting shutdown of the associated petrochemical complex as a precedent. It reminded that the Portuguese state, besides its shareholding in Galp, retains sovereign powers to protect essential assets for national defence and energy security. The finance minister has said the government is monitoring the process and will act to safeguard the strategic interest of the Sines refinery.