CELEX: 32020M9742
Language: en
Date: 2020-03-30 00:00:00
Title: Commission Decision of 30/03/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9742 - SINOPEC GROUP / JOINT STOCK COMPANY NOVATEK / GAZPROMBANK / SINOVA NATURAL GAS COMPANY) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 30.3.2020
                                                                C(2020) 2057 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9742 – SINOPEC GROUP / JOINT STOCK COMPANY
                NOVATEK / GAZPROMBANK / SINOVA NATURAL GAS COMPANY
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 4 March 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Sinopec Gas
        Company Limited (China) (“Sinopec Gas”), belonging to the China Petrochemical
        Corporation (“Sinopec Group”), Novatek Asia Development Holding PTE. LTD
        (Singapore) (“Novatek Asia”), controlled by Joint Stock Company Novatek
        (“Novatek”) and Joint Stock Company Gazprombank-Asset Management Combined
        Closed-End Mutual Fund “GAZPROMBANK – ARCTURUS” (Russia)
        (“Gazprombank Asset Management”), controlled by Joint Stock Company
        Gazprombank (“Gazprombank”) acquire within the meaning of Article 3(1)(b) and
        3(4) of the Merger Regulation joint control over the whole of the undertaking
        SINOVA Natural Gas Company Limited (China) (the “JV”) by way of purchase of
        shares.3
2.      The business activities of the undertakings concerned are:
             Sinopec Gas is mainly active in the construction and operation of liquefied natural
              gas (“LNG”) projects and natural gas projects and the sale of LNG and natural
              gas. Sinopec Group is active in the oil and gas industry,
             Novatek Asia is mainly active in equity holdings of Novatek’s joint venture
              projects and in investments in gas and power business and/or infrastructure
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 88, 17.3.2020, p. 6.
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.
 ---pagebreak---         projects in Asia. Novatek is active in the exploration, production, processing and
        marketing of natural gas and liquid hydrocarbons in Russia and abroad,
       Gazprombank Asset Management is mainly active in asset management for
        institutional investors. Gazprombank provides a wide range of banking and
        financial services, particularly in such sectors as natural gas, oil, petrochemicals
        and power,
       The JV is envisaged to be active in the import and export, as well as purchase and
        sale, of natural gas (including pipeline gas and LNG) and investment in natural
        gas related projects in China.
3. After examination of the notification, the European Commission has concluded that
   the notified operation falls within 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
4. 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 application 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.
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