Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of 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 1.2

Description of the concentration

On 4 March 2020, the European Commission received a notification of a proposed concentration pursuant to Article 4 and Article 3 (1)(b) of Council Regulation (EC) No 139/2004 involving the creation of a joint venture, SINOVA Natural Gas Company Limited (the “JV”), jointly controlled by Sinopec Gas Company Limited (“Sinopec Gas”), Novatek Asia Development Holding PTE. LTD (“Novatek Asia”) and Joint Stock Company Gazprombank-Asset Management T.M. Combined Closed-End Mutual Fund “GAZPROMBANK – ARCTURUS” (“Gazprombank-Asset Management”).

The business activities of the undertakings concerned are:

-- Sinopec Gas is ultimately controlled by the China Petrochemical Corporation, a state-owned Chinese oil petrochemical conglomerate active in domestic (i.e. in China) oil and gas exploration, development and production; crude oil refining; the marketing and distribution of refined oil products; domestic production and sales of petrochemical products and domestic oil; and domestic petrochemical engineering technical services.

-- Novatek Asia is ultimately controlled by Joint Stock Company Novatek, a Russian company active in the fields of exploration, production, processing and marketing of natural gas and liquid hydrocarbons in Russia and abroad.

-- Gazprombank-Asset Management is ultimately controlled by Gazprombank (Joint Stock Company), a Russian bank active in a full range of banking and financial services.

-- The JV is intended to import and export (and purchase and sell) natural gas (including pipeline gas and LNG) and invest in natural gas related projects in China.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.