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BP / ADNOC / JV
M.11496
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Disclaimer :
The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.
SECTION 4
Description of the concentration
This notification concerns the following undertakings:
-- BP Exploration Operating Company Limited (BPEOC, UK), controlled by BP p.l.c. (UK), and,
-- ADNOC International Limited (AIC, United Arab Emirates), controlled by Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (United Arab Emirates).
BPEOC and AIC will acquire, within the meaning of Article 3(1), point (b) and Article 3(4) of the Merger Regulation, joint control of a newly created company constituting a joint venture (JointCo) to which BPEOC will contribute its interests in certain natural gas concessions in Egypt (the Target Assets).
The concentration will be accomplished by way of purchase of shares in JointCo.
The business activities of the undertakings concerned are:
-- BPEOC is a wholly-owned indirect subsidiary of BP p.l.c., the parent company of an integrated energy group headquartered in London (UK) with global activities in various markets related to the provision of oil, natural gas, petroleum and petrochemical products, and alternative energy.
-- AIC is a wholly-owned subsidiary of Abu Dhabi National Oil Company (ADNOC) P.J.S.C., the parent company of an energy and petrochemicals group headquartered in Abu Dhabi (United Arab Emirates) principally active in the exploration, production, storage, refining, and distribution of oil and gas, as well as in the development of petrochemical products.
Post-transaction, JointCo will own and develop the Target Assets and will market and supply natural gas and condensate produced by those assets in Egypt.
Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111