EU Clears Angolan LNG JV By BP, Chevron, Eni, Sonangol, Total
05/16/2012| 05:43am US/Eastern
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The European Commission Wednesday approved the proposed acquisition of the Angolan company Angola LNG by leading energy players BP PLC (BP) of the U.K., Chevron Corp. (>> Chevron Corporation) of the U.S., Italy's Eni SpA (E), Sociedade Nacional de Combustiveis de Angola (Sonangol) of Angola and France's Total SA (TOT).
The joint venture will produce liquefied natural gas in Angola, to be sold on to customers around the world for re-gasification.
The Commission said the move didn't raise competition concerns because of the joint venture's moderate anticipated market share. In a statement, it added that there were several credible competitors, whose ability to access re-gasification terminals wouldn't change as a result of the new venture.
European Union regulators said that although three of the parent companies--Total, Eni and BP--hold capacity rights in re-gasification terminals in the European Economic Area, they won't be able to shut out third parties from accessing them because EU law ensures third party access to gas import infrastructures, including re-gasification terminals.
-By Vanessa Mock, Dow Jones Newswires; +32 (0)2 741 1 484; vanessa.mock@dowjones.com
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