The European Commission on Monday said it approved the proposed acquisition of joint control over MOL Energy Trade by Hungarian oil and gas company MOL and Normeston Trading Limited.
The commission said the transaction “would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.”
MOL Energy Trade, a MOL unit, is active in gas sales and trading in Hungary and, to a lesser extent, in neighboring countries.
Normeston, based in Belize, is a private company owned by a Russian individual that trades crude oil and refined oil products.
The commission examined the vertical links between Normeston's trade in crude oil and MOL's downstream activities of refining petroleum products and found that due to Normeston's minor position in the upstream market, MOL's competitors would continue to have ample possibilities to source their feedstock from other suppliers. As Normeston is not active in any of the downstream markets, there would be no risk of closing off customers post-transaction, the commission said. (MTI-Econews)