Portugal's Gallup Energy and Spain's Moeve have halted negotiations to combine oil refining, chemicals and retail assets, Reuters reports. The deal envisioned the creation of one of the largest production facilities in Europe with a capacity of about 700 thousand barrels per day and a network of 3.5 thousand gas stations. The chairman of the board of Gallup Paula Amorim explained the refusal of the merger with the inability to reach commercial agreements. After the deal collapses, Moeve will focus on its low-carbon business, while Gallup will retain sole ownership of its assets and continue to develop its own projects, including oil production in Brazil.

Portugal's Gallup Energy and Spain's Moeve have halted negotiations to combine oil refining, chemicals and retail assets, Reuters reports. The deal envisioned the creation of one of the largest production facilities in Europe with a capacity of about 700 thousand barrels per day and a network of 3.5 thousand gas stations. The chairman of the board of Gallup Paula Amorim explained the refusal of the merger with the inability to reach commercial agreements. After the deal collapses, Moeve will focus on its low-carbon business, while Gallup will retain sole ownership of its assets and continue to develop its own projects, including oil production in Brazil.