A PYMNTS Company

Joint venture by BP, Chevron, Eni, Sonangol, and Total gets approval

By  |  May 16, 2012

The European Commission has cleared a joint venture between BP, Chevron, Eni, Sonangol, and Total. The joint venture, Angola LNG, will transform natural gas into liquefied natural gas in Angola. Angola LNG will then supply the gas around the world.

Although the joint venture’s parent companies have overlapping activities in the market for wholesale supply of LNG in the European Economic Area, the Commission approved Angola LNG because it will have only a moderate market share. Furthermore, competitive constraints–such as legally-required third party access to gas import infrastructures–ensure that rivals will still be able to access the re-gasification terminals in which Total, Eni and BP hold capacity rights.

Full content: EC Press Release

 

Related content: Essential Facility Access in US and EU: Drawing a Test for Antitrust Policy

 

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.