From its current 4% stake in the Spanish market, Portuguese oil and gas group Galp Energia expects to increase its share to 7%, reported Thomson Financial, citing company sources.
Stating that the acquisition of Eni’s Agip assets, including 321 service stations in Spain, will not have a geographic overlap impact with its existing network of 222 stations in the country, Galp said that it expects to take advantage of the synergies with its refining operations.
Once the acquisition is completed in Spain and Portugal, Galp expects to sell 11.6 million tonnes of products, 45% and 55%, respectively, in the two markets, the report said.
In the long term, Galp intends to sell 13.6 million tonnes of refined products in Iberia, the company said.