Galp is seeking to contract an investment bank to help it make an offer for ExxonMobil’s assets. This is reportedly part of Galp’s plans to ensure the 100% distribution of its produce by increasing its marketing base in the Iberian Peninsula.
ExxonMobil is represented in Spain and Portugal through its Esso brand and has registered revenues of E256 million in Portugal and E500 million in Spain in 2007.
Galp has earlier declared its interest in acquiring 370 service stations owned by Italian energy major Eni in Portugal and Spain. Other fuel retailers like Reg, Cepsa and Repsol are also reportedly looking with interest at ExxonMobil’s assets, according to BPI.
