The European Commission Wednesday approved the proposed acquisition of the Angolan company Angola LNG by leading energy players BP PLC (BP) of the U.K., Chevron Corp. (CVX) of the U.S., Italy's Eni SpA (E), Sociedade Nacional de Combustiveis de Angola (Sonangol) of Angola and France's Total SA (TOT).
The European Commission Wednesday approved the proposed acquisition of
the Angolan company Angola LNG by leading energy players BP PLC (BP) of the
U.K.
,
Chevron Corp. (CVX) of the
U.S.
,
Italy
's Eni
SpA (E), Sociedade Nacional de Combustiveis de
Angola
(Sonangol) of
Angola
and
France
's Total
SA (TOT).
The joint venture will produce liquefied natural gas in
Angola
, to
be sold on to customers around the world for re-gasification.
The Commission said the move didn't raise competition concerns because of the
joint venture's moderate anticipated market share. In a statement, it added
that there were several credible competitors, whose ability to access
re-gasification terminals wouldn't change as a result of the new venture.
European Union regulators said that although three of the parent companies--Total,
Eni and BP--hold capacity rights in re-gasification terminals in the European
Economic Area, they won't be able to shut out third parties from accessing them
because EU law ensures third party access to gas import infrastructures, including
re-gasification terminals.
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