Galp slashes investment by 20%
The Portuguese oil and gas company Galp is to reduce its investment by 20% per annum to 2025 according to Jornal Económico.
It will invest between €800 to €1Bn per annum in the next few years with the level of investment for 2021 standing at between €500 million and €700 million.
The amounts were revealed on Wednesday 2 June by Galp and are contained in its Strategic Plan to 2025.
The net investment will be spent on natural gas and petrol production (40%), renewables (30%), new energies (5%), sales department (electricity, natural gas, fuels) 15% and on industrial projects 10%.
Galp has in the pipeline a hydrogen electrolyzers project, a lithium chemical process operation for batteries as well as the construction of a biofuel plant (Green Energy Centre) at Sines, the town which includes Portugal’s largest industrial port.
“Throughout the decade, Galp will continue to grow. We will expand our renewable energy business and increase our position in the electricity value chain and new energies so as to accelerate our decarbonisation by 2050,” said CEO Andy Brown in a communiqué.
“We will continue to grow our upstream assets (petrol and natural gas operations) and speed up the transformation of our commercial and industrial activities, enabling us to support a balanced capital allocation structure in order to adapt and enhance our portfolio and provide a competitive return to our shareholders,” said Brown.