Galp Energia CEO Andy Brown said he intends to increase cash flow and profits, and follow through with the company's strategic transformation plan focused on renewable energy, biofuels and hydrogen.

The pillar of the Portuguese oil company said that the company's goal to make its operations less harmful to the environment requires, to a greater extent, the intervention of the Portuguese government, and customer demand for low-carbon products, according to jn. Andy Brown, thus reinforced Galp's plan to cease prospecting and exploration of new oil and gas fields as of next year.

It should be recalled that, during the Web Summit in Lisbon, Galp's CEO revealed that work is underway focused on the lithium industry. The company is finalizing the details of the first phase of the project, which will involve partnership agreements with other companies in the sector, mining but not only, and should present them "in the coming weeks.

As the oil company's CEO advanced, refining for lithium hydroxide starts with mining, clarifying that Portugal is rich in several resources needed for the project and has high refining capacities.

"What we are doing is bringing together the mining resources and the manufacturers, to create a value chain. And we will see what part of this chain we can position in Portugal," he explained.

Since the lithium industry is booming in Portugal, Andy Brown, said that the opportunities for employment and health services for the regions will be immense.

Galp's shares fell in June this year, but according to an official statement on Tuesday, the oil company has improved its outlook for the last quarter of this year.