en.Wedoany.com Reported - Portuguese energy company Galp (Galp Energia, SGPS, S.A.) released an economic impact study commissioned from PwC on July 2, 2026, outlining plans to transform the closed Matosinhos refinery site into an "Innovation District." This urban regeneration project is expected to have a cumulative impact of approximately €65 billion on Portugal's Gross Domestic Product (GDP) over 30 years, creating more than 100,000 jobs.
The refinery, located in the northern city of Matosinhos, was established in 1970 and closed in 2021 after more than half a century of operation. The 2.37-square-kilometer industrial site, adjacent to the Atlantic Ocean, stretches 2.5 kilometers. Demolition work for the redevelopment project has been phased since 2023, with the first phase completed in 2024. The second phase is expected to be completed by the end of 2026. Overall construction of the project is estimated to take approximately four years.
According to the PwC study, the project is expected to inject approximately €2 billion annually into the Portuguese economy over the 30 years following the start of construction. At project maturity, the annual economic output of Matosinhos is projected to exceed €3 billion. The project is expected to create more than 100,000 jobs, with approximately 65,000 concentrated in Matosinhos. The study also forecasts approximately €9 billion in national tax revenue and €400 million in local tax revenue from the project.
Galp stated that the project aims to create a mixed-use urban district integrating residential, commercial, educational, and research functions. In the development scenario constructed by PwC, the area is expected to accommodate approximately 19,000 residents and 30,000 students. The project plan includes a university campus, innovation facilities, green corridors, and a biodiversity leisure area named "Atlantic Park." The district is designed following the "15-minute city" concept, ensuring residents can access key services within a short walking or cycling distance.
The project was initiated in February 2022 with a cooperation agreement signed by Galp, the Matosinhos City Council, and the Northern Regional Coordination and Development Commission (CCDR-N). Dutch architecture firm MVRDV was selected the same year to design the urban regeneration project. Galp has established a dedicated task force for this purpose, led by Ana Lehmann, an innovation and international affairs expert and former Secretary of State. The PwC study results were officially announced at the QSP Summit held in Matosinhos on July 2, 2026. Galp Chairwoman Paula Amorim stated that the company is committed to ensuring and continuing its social and economic contribution to Matosinhos.
