Supply & Trading

Oil Products

Supply & Trading

Galp manages the sourcing and the marketing of our equity crude oil and other raw materials, taking into account factors such as:

  • Maximising the refining margin;
  • Maximising equity crude asset value;
  • Sourcing diversification;
  • Specifications of the refining system.

For more information about Galp’s crude sourcing or equity crude marketing, please consult our Integrated Management Report here.

We diversify our crude sourcing by using suppliers from several countries. This policy mitigates potential impacts from possible events, particularly, geopolitical conflicts.

Galp’s supply and trading activities of oil products also account for the sale of the refining system’s production, both to Galp’s Commercial activities as well as to other operators in Iberia and in the export market.

In 2020, volumes sold totalled 13.9 mton, of which 6.2 mton were sold to Commercial, 2.8 mton to other operators and 4.9 mton were exported. Benefiting from the excellent location of our refinery, the U.S.A., particularly the East Coast, remains a relevant destination for the export of heavy gasoline components. Besides U.S.A., Spain and Gibraltar were also relevant destinations in 2020.

Natural Gas

Galp is positioned as an integrated supplier of natural gas in the Iberian market and maintains an active presence in the international market for natural gas and liquefied natural gas (LNG) through its trading activity.


Galp actively manages its natural gas sources and has been seeking alternatives and diversifying sourcing options.

The main sources of supply are based on long-term contracts, with Algeria for pipe natural gas, and with Nigeria for LNG, which accounted for c.70% of the Company's sourcing basket in 2020.

In parallel, Galp also explores other supply sources, namely in the Spanish and French wholesale markets or through spot market operations. 

NG/LNG sourcing in 2020


Galp and Sonatrach signed a new agreement in 2019 under which Galp will continue to source natural gas from Algeria to Iberia, through existing international pipelines routes. Within this context Galp has already secured 1 bcm per year for a 5-year period.

In 2020, Galp signed a Special Purchase Agreement with Nigeria LNG Limited for the supply of 1 mtpa of LNG over a period of 10 years, starting in October 2021. In order to diversify our long-term supply sources, Galp also holds an agreement with Venture Global LNG for the acquisition of 1 mtpa from the LNG export terminal in Calcasieu Pass, U.S.A., over a period of 20 years, starting in 2023.

NG/LNG long-term sourcing contracts
Contracts Country Amount (bcm p.a.) Period (years) Start
Sonatrach Algeria 1.0 5 2021
NLNG I (GNL) Nigeria 0.4 20 2000
NLNG II (GNL) Nigeria 1.0 20 2003
NLNG III (GNL) Nigeria 2.0 20 2006
NLNG IV (GNL) Nigeria 1.4 10 2021
Venture Global U.S. 1.4 20 2023



Galp develops its NG/LNG trading activity in the international market and has also been consolidating its position in natural gas markets in European hubs, namely Spain, France and the Netherlands, through the NG network trading activity.

Galp’s supply and trading activities of natural gas also account for the sale to the Commercial business, power plants and auto consumptions.

In 2020, the volumes of NG/LNG sold were 71.4 TWh, of which 26.0 TWh through trading mainly though network trading sales.


Supply & Trading

Galp aims to maintain a competitive electricity generation and has been strengthening its commercial portfolio to provide energy to its customers.

Galp is currently present in the market through the Iberian Electricity Market (MIBEL), both in the spot market (OMEL) and in the futures market (OMIP). This activity is mainly aimed at the acquisition of electricity in the market, which is sold through the Commercial business.

The Company is also looking to diversify its electricity sources, either by exploring renewable power purchase agreements with third parties and through the construction of its own power generation renewable portfolio.

Learn more about Renewables & New Businesses here.

Galp currently holds two long-term contracts for the purchase of renewable energy from solar power plants, for a total of approximately 650 GWh per year, as part of the strategy to ensure a supply of efficient and environmentally sustainable energy solutions.