The Spanish hydrocarbon company Moeve (formerly Cepsa) and the Portuguese company Galp have reached a non-binding agreement to advance negotiations on the potential integration of their businesses. downstream —refining, distribution, and sales at service stations—, with the aim of jointly gaining scale in an increasingly competitive sector and thus creating a European giant on the Iberian Peninsula, according to a statement released by Moeve. Specifically, the negotiations will assess the possible creation of two complementary European energy platforms: an industrial one, called IndustrialCo, which will focus on the refining and chemical businesses. trading, green molecules and low-carbon fuels, geared towards serving corporate clients; and another mobility division focused on the sale of fuels (including electric vehicle charging) and convenience services aimed at retail and mobility customers, while driving the development of next-generation mobility solutions, called RetailCo.