Portugal's Galp confident it will find alternative markets if US tariffs bite

Record ID: 1985858

  • Title: Portugal's Galp confident it will find alternative markets if US tariffs bite
  • Date: 25th March 2025
  • Summary: SINES, PORTUGAL (MARCH 25, 2025) (REUTERS) VARIOUS OF EXTERIOR OF PORTUGUESE OIL COMPANY GALP REFINERY AND WATER VAPOUR BILLOWING VARIOUS OF EXTERIOR OF REFINERY (SOUNDBITE) (English) GALP EXECUTIVE BOARD MEMBER, RONALD DOESBURG, SAYING: “In general, the energy market is global, the gasoline teams are global and hence gasoline production will have sufficient flexibility to
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  • Keywords: Galp Portugal Sines biofuels energy hydrogen refinery
  • Location: SINES, PORTUGAL
  • City: SINES, PORTUGAL
  • Country: Portugal
  • Topics: Europe,Government/Politics
  • Reuters ID: LVA001159125032025RP1
  • Aspect Ratio: 16:9
  • Story Text:Portuguese oil company Galp Energia's gasoline exports to the United States could be curtailed if U.S. President Donald Trump imposes tariffs on European goods, but the company is confident it can find alternative destinations.
    Executive Board member Ronald Doesburg, who is in charge of industrial assets, told Reuters on Tuesday (March 25) that if U.S. demand for gasoline drops as a result of higher prices stemming from the proposed 25% tariffs, Galp will be able to deal with it.
    Galp's only refinery in Sines usually produces about 2 million metric tons of gasoline per year, of which between 1.2 million and 1.5 million tons are exported to the United States. The remainder is taken by the Portuguese market.
    Trump has threatened to impose 25% tariffs on all European goods, raising the risk of a trade war that could prove damaging for export-oriented European companies.
    "The energy market is global, gasoline streams are global, and hence our gasoline production will have sufficient flexibility to find its way to different markets," Doesburg said.
    Tariffs would have an impact, "but it's an impact that will be managed ... We will look at our options," he said, adding that Galp has handled trade-related disruptions in the past and that Sines could be realigned towards different types of products, depending on prices and demand.
    (Production: Miguel Pereira)
  • Copyright Holder: REUTERS
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