International Blue Biotechnology Center Could Generate €14 Billion in Former Galp Refinery in Matosinhos

Written by Bruno Teles

Published on 26/04/2023 at 13:13

refinaria da Galp (foto/divulgação)

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Blue Biotechnology International Center in Matosinhos Has Potential to Generate Revenues of €14 Billion and Project Portugal onto the International Stage

The Blue Biotechnology International Center that will be built on the grounds of the former Galp refinery in Matosinhos, with no set date for construction to begin, could generate revenues of €10 to €14 billion, estimated Minister of Economy and the Sea, António Costa Silva in statements to reporters.

The project, which is expected to be completed within the next two years, will be responsible for creating a new city dedicated to innovation and future energies, the “Innovation District”, and a university hub focused on blue biotechnology.

Economic Potential of the Center for Portugal

According to the Minister, the Blue Biotechnology International Center will be one of the major transformative projects for the Portuguese economy, capable of generating revenues between €10 and €14 billion, projecting Portugal towards €250 billion in the coming decades.

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How Blue Biotechnology Can Help Meet Global Demand for Sustainable Products and Materials

Biological products from the sea have transformative potential for the food, pharmaceutical, cosmetics, and textile industries, among others, highlighted the Minister. He believes that the center with technologies based on blue biotechnology will be so differentiating that it will “catapult” the economy of Matosinhos and Portugal onto the international stage.

The agreement for the establishment of the Blue Biotechnology International Center was signed this Wednesday between Galp, the Oceano Azul Foundation, the Matosinhos City Council, and the North Regional Coordination and Development Commission (CCDR-N). Galp will define the areas allocated for the project in collaboration with its partners, while the Matosinhos Municipality, CCDR-N, and the Oceano Azul Foundation will coordinate the creation of the development and management plan for the infrastructures and technology to be incorporated into the center.

Future Perspectives for Blue Biotechnology in Portugal and Worldwide

The former CEO of Galp, Carlos Gomes da Silva, had already argued that the land of the former refinery should be transformed into a new technological hub, capable of attracting talent and investment to Matosinhos. The new carbon-neutral city to be built in the region will be an important hub for innovation and development, attracting wealth, skills, and new technologies.

The former Galp refinery in Matosinhos ceased production in 2021, as it was no longer competitive, according to the new CEO of Galp, Filipe Silva. He stated that a “masterplan” for the transformation of the region is urgent, which will involve a phase of dismantling the refinery, before the gradual decontamination of the soils that have been contaminated over the 50 years of the refinery’s operations.

The plans for the transformation of the region also include the professional retraining of former workers from the Galp refinery. The idea is to involve them in projects of the new economy and in training programs, to equip them with new areas of knowledge and work techniques.

The Blue Biotechnology International Center promises to be a significant step towards the transformation of the Portuguese economy, capable of generating thousands of new jobs and attracting new investments to the region.

International Blue Biotechnology Center Could Generate €14 Billion in Former Galp Refinery in Matosinhos

Blue Biotechnology International Center in Matosinhos Has Potential to Generate Revenues of €14 Billion and Project Portugal onto the International Stage

Economic Potential of the Center for Portugal

How Blue Biotechnology Can Help Meet Global Demand for Sustainable Products and Materials

Future Perspectives for Blue Biotechnology in Portugal and Worldwide

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International Blue Biotechnology Center Could Generate €14 Billion in Former Galp Refinery in Matosinhos

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How Blue Biotechnology Can Help Meet Global Demand for Sustainable Products and Materials

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