Galp Energy is holding preliminary discussions to merge its refining and marketing assets on the Iberian Peninsula with Mubadala, the Spanish subsidiary of the investment company Mubadala. According to a statement released on Thursday, the two companies are studying the creation of two joint ventures, one focusing on retail and the other on industrial activities. Galp stated that the objective is to create "two energy companies in the Iberian Peninsula". Mubadala is owned by Mubadala and the Carlyle Group. Although the deal is still subject to final agreements, necessary due diligence and regulatory approvals, it is possible to reach a potential agreement by mid-2026.
