Galp Energia, SGPS, S.A. (OTCPK:GLPEY, GLPEF) Company Profile
Galp Energia, SGPS, S.A. (OTCPK:GLPEY, GLPEF), established in 1999 and formerly known as Galp – Petróleos e Gás de Portugal, SGPS, S.A., was renamed in September 2000. As Portugal's largest oil and gas group, it is an integrated energy company operating globally, with a wide range of businesses and a profound historical foundation.
I. Company Introduction
Galp Energia, SGPS, S.A. was founded in 1999, with its headquarters located in Lisbon, Portugal, and it has 6,715 full-time employees. It was formed by the merger of Petrogal, Gás de Portugal, and Transgás, and conducts business as an integrated energy operator both in Portugal and internationally.
Official Website：https://www.galp.com/corp/en/
II. Main Business Segments
1. Upstream Department: Focuses on the exploration, development, and production of hydrocarbons, with its operations mainly concentrated in regions such as Brazil, Mozambique, and Angola.
2. Industrial and Midstream Department: It owns refineries in Portugal, participates in the management activities of petroleum products, natural gas, and electricity energy, provides storage and transportation infrastructure for petroleum and natural gas products, and sells electricity to the power grids of Portugal and Spain.
3. Commercial Department: Responsible for retailing petroleum, natural gas, and electricity to end customers in both business-to-business (B2B) and business-to-consumer (B2C) scenarios.
4. Renewable Energy and New Business Department: Develops solar and wind power generation projects in Portugal and Spain, produces biodiesel, biofuels, and green hydrogen, and also operates service stations.
5. Other Businesses: It is also involved in the reinsurance business.
III. Technological and Business Advantages
1. Business Diversification: Its business covers multiple links in the energy industry chain, from upstream exploration and production to downstream retail, as well as the renewable energy field. The diversified layout helps to spread risks and enhance the company's stability and competitiveness.
2. Regional Advantages: It holds a leading position in Portugal, and conducts upstream operations in resource-rich regions such as Brazil, Mozambique, and Angola. It also has a presence in the midstream and commercial sectors in the Iberian Peninsula (Portugal and Spain) in Europe, enjoying favorable regional resources and market advantages.
3. Cooperation and Development: Through cooperation with international energy companies (such as Eni, Petrobras, etc.) and companies in other fields (such as the Spanish engineering company ACS, the battery developer Northvolt), it obtains technology, resources, and markets, and promotes business development and innovation.
IV. Development History
| Time | Key Events |
|---|---|
| 1848 | The first gas street lamp was installed in Lisbon, which is an event related to the company's origin. |
| 1953 | SACOR established Sociedade de Lubrificantes e Combustíveis (ANGOL) as its branch in Angola. |
| 1954 | SACOR expanded its activities to Portugal's overseas territories. |
| 1957 | SACOR participated in the establishment of MOÇACOR in Mozambique. |
| 1974 | After the Carnation Revolution, Portugal's overseas provinces became independent, and the ownership of SACOR's local branches was ceded. |
| 1975 | SACOR was nationalized by Portugal's new regime. |
| April 1976 | SACOR merged with CIDLA, SONAP, and PETROSUL to form PETROGAL. In the same year, the GALP brand trademark was created, and the initial version of the famous "G" logo was launched in 1978. |
| April 22, 1999 | Petrogal, Gás de Portugal, and Transgás merged to form Galp Energia as a holding company for Portugal's state-owned oil and gas businesses, and the privatization process was initiated in the same year. |
| September 2000 | The company was renamed Galp Energia, SGPS, S.A. |
| March 2004 | Galp proposed to sell a 51% stake in Gás de Portugal to EDP, and Eni purchased the remaining 49% stake. In December, the European Commission blocked the transaction. |
| The second half of 2007 | Galp Energia conducted its initial public offering on the Lisbon Stock Exchange. |
| 2007 | Acquired Eni's business of selling petroleum products in Portugal and Spain. |
| 2011 | The negotiations between Eni Group and Petrobras to acquire a 33.3% stake in Galp broke down due to price issues. |
| 2012 - 2014 | Eni continuously reduced its stake in Galp. |
| 2016 | Galp and Petrobras expanded their cooperation agreement to include offshore oil research and development projects and exploration and production cooperation. |
| 2020 | Cooperated with the Spanish engineering company ACS to create a renewable energy joint venture, Titan Solar, and purchased ACS's solar power generation projects for 2.2 billion euros. |
| 2021 | Cooperated with the battery developer Northvolt to establish Aurora and develop Europe's largest lithium processing plant, with a total investment of 700 million euros. |
| 2022 | Galp Energia purchased the 24.99% stake in ACS that it did not already own for 140 million euros. |
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