Galp | Industrial and Midstream

Main indicators 2024

91 mboe Raw materials processed (in thousand barrels of oil equivalent)
16 mton Oil products supply (in metric tonnes)
47 TWh Supply and trading of natural gas/LNG (in terawatt-hours)

Industrial

Safety

Galp aims to be one of the safest energy companies in the world. Safety is a priority, especially in the Industrial unit. The focus is on three risk areas: personal safety, process safety, and contractor-partner relationship management.

In 2024, there were no serious injuries or fatalities associated with this business unit and the rate of process safety incidents improved compared to previous years.

Learn about safety at Galp

Sines refinery

Sines is the sole refinery operating in Portugal and one of the largest on the Iberian Peninsula. With a capacity to distil 226 thousand barrels per day and to process a wide range of crudes, it guarantees a reliable and safe energy supply for Portugal and some regions of Spain.

In 2024, 91 mboe of raw materials were processed. The process begins at the atmospheric distillation unit, producing diesel, among other products. The resulting residues are processed in vacuum distillation units and separated. Depending on their characteristics, they can be used as raw materials in the Fluid Catalytic Cracking, Hydrocracking, or Visbreaker units.

Its coastal location and deep-water harbour infrastructure, together with its conversion capacity and complexity, increase Sines' competitiveness, even before the challenges of the sector.

Industrial transformation journey

Galp aims to reduce carbon emissions from its industrial operations by 50% compared to 2017.

This transformation journey began with the concentration of all refining activities in Sines. In recent years, Galp has invested in the energy efficiency of the complex, focusing on electrification and implementing optimisation measures.

The future involves gradually replacing fossil fuels with sustainable alternatives. In 2023, Galp took a decisive step by making the final investment decision on two large-scale projects: an advanced biofuel production unit (HVO and SAF), in partnership with Mitsui, and 100 MW of electrolysers for the production of green hydrogen.

Cogeneration

Galp's electricity activity is supported by the 91 MW cogeneration unit at the Sines refinery. This highly efficient unit combines the production of heat and electricity and is an important supplier of steam to the refinery.

Logistics assets

Besides the Sines refinery, Galp also operates storage parks and maritime terminals in the region.

Galp's other logistics assets on the Iberian Peninsula are located in Faro, Lisbon, Matosinhos, Setúbal, Viana do Castelo, the Azores (Faial, Flores, São Miguel, and Terceira), Madeira (Funchal), and Valencia.

Conversion of the former Matosinhos refinery

Galp closed its refining activities in Matosinhos in 2021, concentrating them in Sines. The land conversion project is being developed in partnership with the Matosinhos City Council and the Commission for Coordination and Regional Development of the North.

Dismantling and demolition works began in 2023. In the summer of 2024, the demolition of the crude oil storage tanks was completed safely, on time, and within budget. Once all the units and equipment have been dismantled and demolished, the environmental remediation of the land will follow.

Learn about the overview and timetable for conversion

Midstream

Oil and oil products

The Energy Management unit manages the sale of oil produced by Galp, exclusively from Brazil. In 2024, 34,000 barrels of oil were sold, with China and Europe as the main destinations.

In addition, the unit coordinates the purchase of crude oil and other raw materials, both for refining activities and to maximise value through trading. In 2024, Galp imported crude oil from nine countries, with its own production accounting for 17 per cent of the total purchased. No raw materials were imported from Russia.

The oil products obtained through refining and trading are destined for Galp's Commercial business unit, for other operators, and for export. In 2024, gasoline, fuel oil and diesel were the main products exported.

Natural gas

Galp is one of the main importers of natural gas in Portugal, with Algeria and Nigeria as its main suppliers of natural gas and liquefied natural gas (LNG). To diversify its supply portfolio, the company also turns to the wholesale markets in Portugal, Spain, and France, and has agreements with the American companies Venture Global, NextDecade and, as of 2024, Cheniere.

In 2024, the volumes of natural gas and LNG supplied and traded totalled 46.6 TWh, destined for Galp's Commercial business unit, trading and self-consumption in industrial operations.

Since 2022, Galp has maintained an active presence in the Brazilian natural gas trading market, both from its production in the country and from third parties.

Electricity

Galp operates in both the spot and forward markets of the Iberian Electricity Market, optimising its own production and the supply of renewable energy. This approach meets the needs of Galp's Commercial business unit and maximises value through trading.

Galp has long-term contracts for the purchase of renewable energy from solar and wind sources.

Since 2022, Galp has maintained an active presence in the Brazilian electricity trading market.

Industrial and Midstream