Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG  COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 27.9.2022  
C(2022)  7003 final  
PUBLIC VERSION 
P2X Europe GmbH & Co. KG  
Koreastraße 7  
20457 Hamburg 
Germany  
 
The Navigator Company S.A. 
Av. Fontes Pereira de Melo 27  
1050- 117 Lisbon  
Portugal  
Subject : Case M. 10869 – P2X EUROPE / NVG / P2X PORTUGAL JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 5 September 2022,  the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which P2X Europe 
GmbH & Co. KG (“P2X Europe”, Germany ) and The Navigator Company, S.A. 
(“NVG”, Portu gal) will acquire within the meaning of Article s 3(1)(b)  and 3(4)  of the 
Merger Regulation joint control over the whole of P2X Portugal, Unipessoal Lda. 
(“P2X Portugal”, Portugal) by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
− P2X Europe develops and implements commercial projects for the pr oduction of 
Power -to-X products. P2X Europe is also active at the wholesale level, both 
selling and  purchasing Power -to-X products , 
− NVG is a Portuguese company active in the area of pulp and paper . 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect  from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 351, 14.9.2022, p. 2. 

2 3. The business activities of P2X Portugal will be the following:  (i) develop, construct, 
operate, maintain and finance a vertically integrated, industria l scale power -to-liquid 
project, and (ii)  commerciali se and market po wer-to-liquid products such as synthetic 
intermediate products (e.g. syncrude and waxes) and synthetic net zero derivatives 
(e.g. e -kerosene).   
4. After examination of the notification, the European Commission has concluded that 
the notified operation falls w ithin the scope of the Merger  Regulation and of 
paragraph 5( a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
5. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission 
  (Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.