The signing of the strategic alliance between Moeve (formerly Cepsa) and the Portuguese Galp in 2026 has redrawn the refueling map in the Central Atlantic. By merging their refining and sales operations, the two companies have created a giant with a capacity of 710,000 barrels per day. This operation is not just an accounting move in the offices of Madrid and Lisbon; it is a logistical shield for the ports of Las Palmas and Santa Cruz de Tenerife, which now boast a supplier with unprecedented scale in the region. The aim of this merger in the Canary Islands is to undermine Naturgy’s future business in Tenerife and Minerva Bunkering in Las Palmas. The latter has just renewed its concession in Las Palmas for fifteen years. This February, Cepsa appointed a new regional director for the Canary Islands, Carlos Giener.
The battle for control of the Atlantic
The integration of the refineries of San Roque, La Rábida, and Sines (Tenerife has closed its refinery and, ironically, a Cepsa partner there now produces what will come to the Canary Islands) is now operating as a single supply machinery aimed at routes crossing to West Africa. This move seeks to protect the bunkering business against pressure from new international players, such as the gigantic Dangote refinery in Nigeria or the arrival of surpluses from India and the Middle East. By joining forces, Moeve and Galp ensure that the Canary ports remain the preferred gas station of the Atlantic, guaranteeing the flow of products such as fuel oil and marine diesel with much more competitive logistics.
A consumption market that does not slow down
Despite forecasts of decline due to the energy transition, fuel demand in the Peninsula and the Canary Islands continues to break records. In 2025, gasoline consumption grew by 8%, driven by a tourism sector that has shattered all records and a vehicle fleet that, although hybrid, still depends on the pump. For the Islands, this means that the storage and distribution infrastructure of the new merged entity becomes a key element to prevent supply tensions and maintain price stability in an increasingly aggressive export environment.
The Port of La Luz and Tenerife at the center of the board
For the Canary Islands port system, the significance of San Roque —specialized in marine fuels— and the hydrocracking capacity of Sines and La Rábida represent a guarantee of quality and traceability. The merged network not only supplies the ships docking in the Islands but will also allow fuel from Iberian refineries to reach the vessels’ tanks in the Canary Islands without relying on intermediaries or volatile external markets.
The future: from fuel oil to green molecules
The agreement also looks long-term to ensure that the Canary Islands do not miss the sustainable refueling train. While Moeve progresses in Huelva with its second-generation biofuels plant, Galp is doing likewise in Sines with renewable diesel (HVO) and sustainable aviation fuel (SAF) intended for use at the Las Palmas airport.
News written by Gara Vega. Edited and verified by Pedro Marrero. Cross-checked information without institutional filters. This analysis has not been funded by official advertising nor conditioned by lobby interests.
