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

1.On 22 October, 2024, the European Commission (the “Commission”) received a notification of a proposed concentration pursuant to Article 4(1) of Council Regulation (EC) No 139/2004 (“EUMR”) by which Alpha Oryx Limited III (“Alpha”), a company held by Abu Dhabi Developmental Holding Company P.J.S.C. (“ADQ”), acquires control over three companies: Egyptian Ethylene and Derivatives Company (ETHYDCO) S.A.E. (“ETHYDCO”), Egyptian Drilling Company S.A.E. (“EDC”) and Egyptian Linear Alkyl Benzene (Elab) S.A.E. (“ELAB”) (the “Targets”) (the “Proposed Transaction”).

2.Following the Proposed Transaction, Alpha will acquire 30% of shares in ETHYDCO, 25% of shares in EDC and 35% of shares in ELAB. Alpha will acquire joint control over ELAB and EDC. The other jointly controlling party will be Egyptian General Petroleum Corporation (“EGPC”). EGPC is and will remain ETHYDCO’s largest shareholder, but does not and will not exercise control over ETHYDCO.

3.The Proposed Transaction is a concentration within the meaning of Article 3(1)(b) of the Merger Regulation and will have an EU dimension under Article 1(3) EUMR.

4.Established in Abu Dhabi in 2018, ADQ is one of the region’s largest holding companies with direct and indirect investments in a number of sectors across Abu Dhabi’s economy, including food and agriculture, aviation, financial services, healthcare, industries, logistics, media, real estate, tourism and hospitality, transport, and utilities.

5.EGPC is a corporation organized and existing under the laws of the Arab Republic of Egypt pursuant to Law No. 20 of 1976 and having its head office at Palestine Street, Part 4, New Maadi, Cairo, Arab Republic of Egypt. EGPC is active in the development of petroleum resources and oil well exploitation. EGPC exercises the powers and authorities provided for by law No. 167 of 1958 for establishment the General Corporation for Petroleum Affairs, and the authorities related to the provisions for fuel materials stipulated on the law No. 66 of 1953 and law No. 86 of 1956 for mines and quarries.

6.The Targets are active in production of petroleum-derivatives and in the upstream oil and gas sector, mainly, but not exclusively, in Egypt.

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