Companies from Hungary, the Netherlands to the Bermuda islands announce sale and purchase of shares in Albania's oil market

Companies from Hungary, the Netherlands to the Bermuda islands announce sale and purchase of shares in Albania's oil market
 
 The Albanian Competition Authority has invited interested parties to get involved in a transaction that begins in Hungary, continues in the Netherlands and ends in the Bermuda Islands in the oil market. According to the announcement has been deposited the notice regarding the transaction of acquisition of control of Chevron Khazar Ltd by Mol Crossroads B.V.

The acquiring party, Mol Crossroads BV is a company headquartered in Amsterdam, The Netherlands, established under Dutch law, wholly owned by Mol Hungarian Oil and Gas Public Limited Company, a Hungarian registered corporation, which is the parent company in Mol Group.

Mol Group has the main activity: exploration, production, and refining of crude oil, the supply of refined petroleum products both wholesale and retail, production and marketing of petrochemicals, exploration, and production of natural gas and natural gas transmission in Hungary, according to Monitor.

The Competition Authority says the Mol Group is not present in Albania through its vials but the Competition Authority clarifies that it sells oil in Albania and meets the turnover criteria.

According to Article 12 of Albanian Competition Law, the concentrations of the enterprises shall be notified to the Authority to obtain authorization if, in the last financial year, prior to the concentration:

a) The turnover of all participating enterprises together in the international market is more than ALL 7 billion and the turnover of at least one participating enterprise in the domestic market is more than ALL 200 million.

b) The turnover of all participating enterprises together in the domestic market is more than ALL 400 million and the turnover of at least one participating enterprise in the domestic market is more than ALL 200 million.

The dealer, Chevron Global Ventures Ltd is a company established under Bermuda islands legislation. The target/target company of the transaction is Chevron Khazar Ltd, a company established under Bermuda islands legislation, wholly owned by Chevron Global Ventures Ltd, part of Chevron Corporation. Chevron Khazar Ltd's activity includes oil operations in Azerbaijan.

The Competition Authority states that “from the examination of the documentation, it results that the notified transaction is in accordance with Articles 10 and 12 of the Law, according to which the sustainable change of control should be carried out and the turnover criteria should be fulfilled respectively. As for the above, this transaction is subject to authorization by the Competition Commission”.

The Authority invites the interested parties, within five days of the publication of the notice, to express their views on the notified transaction.
Companies from Hungary, the Netherlands to the Bermuda islands announce sale and purchase of shares in Albania's oil market Companies from Hungary, the Netherlands to the Bermuda islands announce sale and purchase of shares in Albania's oil market Friday, January 17, 2020 Rating: 5
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