Spanish energy major Moeve said on Friday (31 July) it has made significant progress on its proposed downstream merger with Galp, with the companies expecting to sign definitive agreements in the second half of 2026. Moeve, formerly Cepsa, is a marine fuels provider in Spain. The company offers 2G biofuels, LNG, and conventional marine fuels including VLSFO, MGO and HSFO. Manifold Times previously reported Galp and Moeve’s shareholders reaching a non-binding agreement to advance detailed discussions on the potential combination of their downstream portfolios with the aim of creating two leading energy companies in the Iberian Peninsula: the “RetailCo” and the “IndustrialCo”. In announcing its financial results for H1 2026, Moeve said discussions with Galp continue to progress constructively, with all parties remaining engaged in advancing a transaction that has the potential to create significant strategic value and strengthen the role of the Iberian Peninsula in the energy transition by creating differentiated platforms with the resilience and investment capacity required to deliver change at pace. “Given the scale of the proposed combination, a potential agreement is targeted to be signed during the second half of 2026,” it said. Maarten Wetselaar, Moeve CEO , said: “Moeve delivered solid results and advanced record energy transition investments, including for the construction of Europe’s largest green hydrogen project. We have made strong progress with the proposed downstream merger with Galp and expect to sign definitive agreements in the second half of the year. “Looking ahead, our strategy remains focused on building a more resilient and sustainable European energy industry, reducing dependence on imported fossil fuels. Continued geopolitical tensions and disruptive weather events are a reminder of why this energy transition is so urgent.” Related : Galp and Moeve explore move to merge downstream portfolios   Photo credit: Moeve Published: 3 August, 2026