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Industrial and Midstream

The Industrial unit includes the refining, logistics, and cogeneration activities in the Iberian Peninsula, as well as the project to transform the Sines refinery through green hydrogen and biofuels. The Midstream unit includes the activities of supplying, trading, and shipping oil, biofuels, natural gas, electricity, and environmental products, providing greater value along Galp's integrated business chain.

Main indicators 2023

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Industrial

S

Safety

Galp aims to be the safest energy company in the world, viewing safety as its "licence to operate". The Industrial and Midstream business unit is responsible for three risk areas: personal safety, process safety, and transport safety.

In 2023, Galp continued to develop a safety culture, involving leaders, employees, and contractors. In the field of transport safety, the company implemented a roadmap to improve risk management in fuel transport contracts.

 Learn about safety at Galp
C

Sines: Conversion capacity

The Sines refinery is the only operating refinery in Portugal and one of the largest on the Iberian Peninsula. It can distil around 226,000 barrels per day and process a wide range of crudes.

In 2023, raw materials processed totalled 79 mboe. The process begins at the atmospheric distillation unit, producing diesel, among other products. The resulting residues are then processed in vacuum distillation units and separated. Depending on their characteristics, they can be used as raw materials in the Fluyd Catalytic Cracking, Hydrocracking, or Visbreaker units.
E

Sines: Local economy

Besides the Sines refinery, Galp operates storage parks and sea terminals in the region. The company's industrial activities in Sines are essential for the local economy and represent more than 500 direct jobs.

Galp's industrial and logistics assets in the Iberian Peninsula are in Faial, Flores, Funchal, Lisbon, Matosinhos, Setúbal, Sines, and Valencia.
C

Sines: Cogeneration

Galp's electricity activities are supported by the 91 MW cogeneration unit at the Sines refinery. By combining heat and electricity production, the unit is highly efficient and an important supplier of steam for the refinery's operations.
E

Sines: Efficiency and emissions reduction

The refinery's transformation is based on the concentration of all refining activities in Sines, the energy efficiency of the operations, and the progressive replacement of fossil fuels with renewable products, either through the incorporation of green hydrogen or the development of low-carbon biofuels.
C

Matosinhos: Conversion of the old refinery

Galp has discontinued its refining activities in Matosinhos, concentrating them in Sines. Together with the Matosinhos City Council and CCDR NORTE, the company is studying the conversion of the old refinery into an Innovation District, which could house a university campus.

Work on dismantling and demolishing the old refinery began in 2023.

 Learn about the overview and timetable for conversion

Midstream

Energy Management activities include the supply, trading, and dispatch of oil, biofuels, natural gas, electricity, and environmental products - both from Galp's own capital and third parties.

These operations provide greater value along Galp's integrated business chain, as they seek to proactively seize commercial opportunities, maximise the integrated margin, and navigate the dynamics and volatility of the energy market.

 

Natural gas

Galp is one of Portugal's main importers of natural gas (NG).

The company's main suppliers of NG and liquefied natural gas (LNG) are Algeria and Nigeria, respectively. Galp has been diversifying its supply basket through an active presence in the Brazilian NG market, as well as through the Portuguese, Spanish, and French wholesale markets and agreements signed with Venture Global LNG and NextDecade.

In 2023, NG and LNG volumes reached 46.5 TWh and were essentially channelled towards the needs of Galp's Commercial business unit, trading activities, electricity producers, and self-consumption in industrial operations.

 

Oil and oil products

Energy Management is responsible for selling Galp's own crude oil production, which is entirely concentrated in Brazil. The 36.5 thousand barrels of oil sold in 2023 were mainly destined for China, Europe, and North America.

This division of the company also manages the purchase of crude oil, whose main origins in 2023 were Brazil and Nigeria. However, Galp's own production accounted for only 5% of the crude oil purchased. No raw materials were imported from Russia.

The oil products resulting from refining and trading activities are essentially channelled to the needs of Galp's Commercial business unit, to other operators, or for export. Fuel oil, petrol, and diesel were the main products exported in 2023.

 

Electricity

Galp is present in both the spot and forward markets of the Iberian Electricity Market. This way, the company optimises the supply and production of renewable energy, ensuring the needs of the Commercial business unit. Galp also has long-term contracts for the purchase of renewable energy from solar sources and bilateral agreements for the purchase of energy from cogeneration.

In 2022, Galp established an electricity trading unit in the Brazilian market.