Brussels, 21/12/2000 (Agence Europe) - The European Commission authorised a project to create a joint venture by Repsol Quimica SA (Spain), subsidiary of the gas and oil group Repsol YPE, and Borealis A/S (Denmark). Specialised in the production of thermoplastics and petrochemicals feedstock, Borealis is presently jointly held by the Norwegian company Statoil, the Austrian oil and gas group OMV and the International Petroleum Investment Company of Abu Dhabi. The new company will be held equally by the two partners and will regroup the activities of the parties and their assets in the field of polyolefins in the Iberian peninsula. The Commission authorised the operation as it poses no competition problems on the markets for olefins due to the low level of cumulated market shares and the presence of numerous powerful competitors.