Galp’s Sines refinery
Galp adds to European refining optimism
Portuguese refiner reports stronger Q4 economics
Portugal’s Galp saw its Q4 2021 refining margin improve to $5.60/bl in the fourth quarter of 2021, up by 37pc quarter-on-quarter and by 250pc compared with just $1.60/bl in the final quarter of 2020. And its improved downstream performance appears to be part of a trend, with other European refiners to have posted Q4 numbers thus far also reporting higher margins (see Fig.1). Spain’s Repsol reported its marker having risen to $4.40/bl over the last quarter, similar to the $4.50/bl achieved by Poland’s PKN Orlen. Shell’s Q4 numbers show a similar trend, but at higher levels, with its most recent refining margin at $6.55/bl. Given the major’s more global focus, that could point to European refi
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
