Brussels, 26/03/2007 (Agence Europe) - The European Commission decided on 22 March that investment aid of about €500 000 to the Slovak shipyard “Slovenské lodenice Komárno” was compatible with the single market. The investment project will modernise the yard and create jobs in a disadvantaged region in the south of Slovakia without unduly distorting competition.
However, the public funding that Spain intends to give Industria de Turbo Propulsores (ITP), a producer of aero engines and gas turbines, has not yet been approved. The Commission announced that it was opening an investigation to determine whether or not the €27 million loan for the development of the low-pressure turbine of the Trent 1000 engine created an incentive for ITP to carry out more research and development and what impact the loan would have on competition. The project is expected to be carried out in the Madrid and Basque regions, which are assisted areas according to the Spanish regional aid map. (cd)