Completed in 2012, Galp's 1.4 billionrefinery upgrade investment programme - focused at the Sines and Porto refineries in Portugal - is starting to generate positive returns for the business, supported by the favourable refining margin environment experienced since the second half of 2014. Future investment will remain largely focused on the Upstream sector, which is at the core of Galp's growth strategy. The downstream strategy, on the other hand, is focused on optimising Galp's Refining & Marketing operations within its 'home' Iberian region. The market demonstrated small demand growth in 2015 but is expected to decline in the long term. Along with the refinery upgrades, Galp's plan is to address the structural imbalance between oil product sales and production. A key part of this has been its expansion into growth markets beyond its core region, specifically in Africa, where Galp has a growing fuel retailing presence.