Brussels, 22/02/2007 (Agence Europe) - On 21 February, the European Commission cleared, under the EU Merger Regulation, the proposed acquisition of six subsidiaries of ConocoPhillips, an integrated energy company based in the US, by the Russian oil and gas company Lukoil.
Lukoil is active in oil and gas exploration and the production and sale of petroleum products, including petrochemicals. ConocoPhillips is an international, integrated energy company. The six ConocoPhillips subsidiaries concerned by the proposed transaction are predominantly active in operating motor fuel retail service stations in Belgium, the Czech Republic, Finland, Luxembourg, Poland, Hungary and Slovakia.
The Commission's examination of the proposed transaction showed that the horizontal overlaps between the activities of Lukoil and the six ConocoPhillips subsidiaries within the European Economic Area (EEA) are limited to the retail sale of motor fuels in Finland, Hungary and Poland, and to secondary distribution storage within Finland. In all markets concerned, the combined market shares would be relatively low and below a level where the companies could affect either the supply or the prevailing price in the market. The proposed transaction would not impede effective competition in the EEA. (cd)