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(Plastemart) -- The European
Commission has cleared under the EU Merger Regulation the proposed acquisition
of joint control over certain assets currently wholly owned by Ineos AG of
Switzerland by PetroChina Company Limited of China and Ineos AG. After examining
the operation, the Commission concluded that the transaction would not
significantly impede effective competition in the European Economic Area (EEA)
or any substantial part of it.
PetroChina is a Chinese company active in the production and distribution
of petroleum and petrochemical products. It is controlled by China National
Petroleum Corporation ("CNCP group"). CNPC group is a Chinese State-owned
company which is engaged in a broad range of petroleum and gas related
activities.
Ineos manufactures petrochemicals, specialty chemicals and oil products
at global level. The target assets consist of Ineos' refining business, namely
two refineries in Grangemouth (Scotland) and Lavera (France) and associated
assets.
The Commission’s examination of the proposed transaction showed that the
horizontal overlaps and the vertical relationships between the parties'
activities were limited and that the transaction would not change the
competitive structure of the markets for oil products under any alternative
product and geographic market definition. This assessment would have remained
unchanged also taking into account the market shares of the other Chinese
State-owned companies active in the oil sector.
mrcplast.com
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