EU approves 50 pct PetroChina stake in Inoes

13th May 2011, Comments 0 comments

Europe's competition watchdog on Friday approved a bid by Chinese oil giant PetroChina to take a 50 percent stake in two refineries owned by Ineos, one in Scotland and one in France.

The European Commission said in a statement it had concluded that the $1.015 billion transaction announced in January would "not significantly impede effective competition" in the European Union.

The deal "would not change the competitive structure of the markets for oil products under any alternative product and geographic market definition", it added.

PetroChina, which is listed in New York, Hong Kong and Shanghai, is controlled by China National Petroleum Corporation, a state-owned firm involved in exploration, development, production and sale of crude oil and natural gas, as well as refining, transportation, storage and marketing.

© 2011 AFP

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