Portugal’s fuel giant GALP Energy has just reported a €45 million loss for the first nine months of this pandemic year. This is compared to profits of €403 million in the same period last year.
If anyone needed to understand why the company has temporarily closed its refinery in Matosinhos till next year (click here), this report explains it all.
Says ECO online, the tumble has everything to do with falling demand due to restrictions imposed because of the pandemic. As a result even fuel prices have taken a hit – despite an increase in production – and issues with fluctuating exchange rates haven’t helped.
In all, since January, GALP has lost 46.85% of its share value, which has led the company to sell shares in its natural gas distribution company to Allianz Capital Partners.