Spain's Moeve 'fully focused' on transformation strategy after Galp talks collapse

MADRID, Oct 26 (Reuters) - The CEO of Spanish energy firm Moeve said on Monday the company was "fully focused" on its strategic transformation towards low-carbon businesses after talks with Portugal's Galp over a potential combination of downstream businesses collapsed.

The strategy "has always been a standalone strategy. The potential downstream combination with Galp represented an opportunity to accelerate value creation, but it was never a condition for its delivery," Maarten Wetselaar said in a statement.

"We remain fully focused on executing our transformation," the chief executive added.

Moeve, owned by Abu Dhabi fund Mubadala and US-based private equity firm the Carlyle Group, was formerly known as Cepsa. It rebranded in 2024 to reflect its shift towards low-carbon businesses under an €8 billion ($8.98 billion) plan. It has sold most of its oil production assets since 2022, including operations in Abu Dhabi and South America.

($1 = 0.8911 euros)

(Reporting by Pietro Lombardi; Editing by David Latona)