Galp owns the only operating refinery in Portugal, located in Sines, and also operates multiple maritime terminals and storage parks in Iberia.

The Sines refinery has a distillation capacity of approximately 226 kbpd and is a key asset for the Portuguese economy and one of the largest in Iberia. The conversion complexity and capacity, as well as the strategic advantage due to its coastal location and the deep-water port infrastructure in Sines, both for the supply of crude oil and the export of products, make this refinery highly competitive and well positioned to thrive through the challenges the sector faces ahead.

By the end of 2020 and after a rigorous assessment of alternatives, Galp decided to discontinue from 2021 onwards refining operations in Matosinhos, a 110 kbpd capacity refinery with lower complexity, following the structural changes to the consumption patterns of oil products, driven by the European regulatory context and the effects of the pandemic. Galp continued to supply the regional market, maintaining the access of the maritime terminal, storage and distribution facilities in Matosinhos and is currently assessing usage alternatives for the complex.

Already in 2022, Galp signed a cooperation protocol for the reconversion of the site occupied by Galp's refinery in Matosinhos. The development of an Innovation District and the allocation of part of the site for the construction of a

university campus are two of the projects being evaluated under this protocol, which aims to promote the economic, social and environmental context of the entire Portugal northern region, positioning this initiative at the top of the world technology projects associated with sustainable energies.

Operational performance in 2021

Raw materials processed totalled 76.6 mboe, down 12% YoY, considering only the processing capacity of the Sines refinery in 2021, which operated under more favourable macro conditions. During the year, the efficiency of the system and the throughput volumes were impacted by operational restrictions on the fluid catalytic cracking (FCC) in the first half of the year, an unplanned event in one of the furnaces of the atmospheric distillation unit (ADU) in October, and planned maintenances in the hydrocracker, alkylation and visbreaker units in the fourth quarter of the year.

Crude oil accounted for 85% of raw materials processed, 87% of which corresponded to medium and heavy crudes. All crudes processed were sweet grades.

Galp’s refining margin was up YoY, from $1.1/boe to $3.3/boe, following the improvement of the international refining environment.

Diesel and gasoline were the most relevant products in Galp's production mix, representing 38% and 26%, respectively. Fuel oil yields were 20%, with the entire production allocated to Very Low Sulphur Fuel Oil (VLSFO).

Galp continues to focus on improving the competitiveness of its Sines refinery, in an increasingly demanding regulatory environment and a challenging oil product market.

Note: Following the decision to discontinue refining activities in Matosinhos, 2021 Industrial & Energy Management indicators exclude Matosinhos refining contribution. The 2020 figures were kept as reported, including Matosinhos’ contribution.

From a grey refinery to a green energy hub

Galp aims to transform its Sines industrial site to a green energy hub by 2030, improving its energy efficiency and greatly reducing its carbon footprint. The expansion of advanced biofuel production through the installation of a Hydrotreated Vegetable Oil (HVO) unit, and the incorporation of opportunities related with green hydrogen will be major steps in this transition.

In this path, the Company expects to reduce operational emissions by 50%, including scope 1 and 2, by 2030, compared to 2017 levels. The concentration of the refining activities in Sines, discontinuing Matosinhos, and the implementation of other initiatives, already enabled a reduction of 30%.

Digital transformation on our industrial operations

Galp is constantly improving and optimising its refining and logistic operations, reducing costs, capitalising availability and enhancing safety control procedures. During 2021, several digital initiatives were implemented in our industrial assets:

  • Deployment of a digital tool to optimise the scheduling of the refining operations, from the unloading of crude to the shipping of products;
  • Implementation of a predictive maintenance programme, which enables the use of machine learning to detect anomalies in equipment operations;
  • Deployment of a mobile operator project in the Sines refinery, maritime terminals and storage parks, which will ensure a faster and more effective communication between operators to manage operational tasks.

Refining and logistics portfolio


Galp benefits from access to several maritime terminals in Portugal, namely in Sines and Leixões, and has several storage facilities in Iberia. The Company also holds interests in logistics companies in Portugal and has access to several pipelines in Iberia, totalling 4,300 km.

Galp's extensive logistics system is integrated with major logistics operations in Spain, enabling efficient delivery of products and high levels of flexibility in distribution and sales.

Regulated distribution infrastructure (GGND)

Galp, through its associated company, Galp Gás Natural Distribution (GGND), has a stake in nine natural gas distributors in Portugal.

Through GGND, Galp explores a distribution network of over 13,000 km. At the end of 2020, the regulated asset base was valued at approximately €1.1 bn.

In November 2020, Galp agreed to sell a 75.01% stake in GGND, where it held 77.5%, to Allianz Capital Partners. After the transaction completion in 2021, Galp’s stake is 2.4%.

Learn more about GGND here.


We hold a 65% stake in CLC, the Portuguese logistics company that owns the only multi-product pipeline in Portugal. The CLC pipeline is 147 km long and has the capacity to transport 4 mton of oil products sequentially.


Galp also holds a 75% interest in Companhia Logística de Combustíveis da Madeira, SA (CLCM), which operates the storage facility in Madeira, and a 60% stake in Sigás, the propane storage unit in Sines.