Galp and Moeve have agreed to discuss merging their downstream operations to form two companies, RetailCo and IndustrialCo, in the Iberian Peninsula. RetailCo will manage around 3,500 service stations, while IndustrialCo will focus on refining and petrochemicals with a total crude processing capacity of nearly 700,000 bpd. The merger is subject to due diligence and regulatory approvals, with a potential agreement expected by mid-year.
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