Galp cuts four-year investment plan by 20%

Petrol giant Galp has announced that it will be cutting its investments for the next four years by around 20%. Instead of ploughing between €1.5 billion and €1.7 billion per year into the projects, Galp is reacting to the fall in oil prices by reducing investment to €1.2 billion and €1.4 billion. In a statement, the company said it was a “prudent” move that follows “changes in the market”.