Portuguese Environment and Energy Minister Maria da Graça Carvalho has acknowledged that the state's participation in the energy giant Galp could be concentrated exclusively in the Sines refinery. Speaking during a parliamentary hearing regarding the 2027 State Budget, Carvalho indicated that this scenario is not out of the question, particularly as Galp maintains its intention to separate its commercial activities from its industrial and refining sectors following the collapse of a deal with Moeve.
When questioned by members of the Chega party about concrete guarantees that control of Galp would remain in Portugal, the minister explained the government's available mechanisms. She noted that if financing involves sources outside the European Union, Portugal possesses direct tools to intervene. However, for investments originating within Europe, the state could only act through competition rules or by increasing its participation in Galp.
Elaborating on this strategy, Carvalho suggested that concentrating the state's stake in the refinery aligns with national interests without incurring additional costs. This approach would allow the government to exert greater influence over the refining sector specifically. This possibility was previously hinted at by Economy Minister Castro Almeida, who told Jornal de Negócios and Antena 1 earlier in the weekend that it would be dishonest to claim such a move is impossible.
During the same hearing, the minister also defended the state's recent entry into REN, the national electricity transmission operator. Confronted by various deputies, Carvalho characterized the operation as a matter of national and energy sovereignty rather than debt or deficit. She emphasized that the 528 million euros allocated to REN constitutes an investment with significant benefits for all Portuguese citizens.
Carvalho reiterated that while Portugal previously held control through its role as a grantor and via an independent regulator, direct state participation is now crucial. She highlighted that Portugal was the only EU member state without state ownership in its electricity transmission company. The minister concluded that having a stake inside REN is essential for driving societal electrification and facilitating necessary investments.
Sources: Observador.