Government sets out to keep Sines refinery under national control after Galp–Moeve talks fail

Environment and energy minister Maria da Graça Carvalho told parliament that Galp still plans to split its commercial and industrial arms after talks with Spain's Moeve collapsed. Moeve, controlled by Abu Dhabi's Mubadala and the US group Carlyle, would have taken 80% of the Sines refinery, the country's last. Carvalho said the government has the legal means to safeguard national control and is weighing a concentration of the State's stake. Galp says it is open to new investment in Sines only if regulation lets it anticipate future fuel demand. The European Commission has also urged halting refinery closures.