Mergers: EU Commission clears the creation of a joint venture between Reliance Industries and British Petroleum
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture in India between Reliance Industries Limited (“RIL”) of India and BP Global Investments Limited (“BP GIL”), a subsidiary of BP, of the UK.
The joint venture will operate petrol stations in India and operate RIL’s aviation fuel storage business and into-plane fuel distribution facilities for the sale and/or supply of aviation fuel at airports in India.
RIL is a private-sector listed company active in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail, telecommunications and digital services. BP is the parent company of a global group of entities active, among others, in the exploration, production and marketing of crude oil and natural gas, refining, marketing, supply and transportation of refined products, petrochemicals and related products.
The Commission concluded that the proposed acquisition would raise no competition concerns given that the joint venture will have no activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.
Arianna Podesta –