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Image header Agence Europe
Europe Daily Bulletin No. 7647
Contents Publication in full By article 19 / 55
GENERAL NEWS / (eu) eu/competition

Commission approves financial compensation for construction of Leuna refinery, on condition funds remain blocked pending conclusions of other Elf/Leuna affairs

Brussels, 02/02/2000 (Agence Europe) - On Wednesday, the European Commission approved, as predicted, DM 120 million in aid granted in 1998 by the German Land of Saxony Anhalt to the French oil company Elf Aquitaine as compensation for having had to take on the construction of the Leuna factory bought in 1992 without help. Clearance is conditional upon the commitment taken by the German authorities to place these funds in a blocked bank account pending the conclusion of the first Leuna affair. The Commission confirmed in this respect that the second procedure, concerning German aid granted in 1993 to Elf for acquisition of Leuna, remains suspended pending the conclusions of judicial inquiries on the misuse of funds in France and Germany. See EUROPE of 24/25 January, p.10, for details.

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