THE WALL STREET JOURNAL
MARCH 15, 2010
BRUSSELS (Dow Jones)–The European Commission said Monday it has referred Motor Oil Corinth Refineries SA’s (MOH.AT) acquisition of 720 gas stations in Greece owned by Royal Dutch Shell PLC (RDSB.LN) to the Greece antitrust authority.
The commission said the deal would affect only the Greek market and so the Greek regulator was best suited to examine it.
As part of the EUR246 million deal, Motor Oil Corinth Refineries is also buying a liquified petroleum gas distributor and a lubricants plant from Shell.
Since becoming Shell’s chief executive last year, Peter Voser has announced divestment plans in the company’s refining and marketing branch. He wants to reduce Shell’s refining capacity by 15%, or around 600,000 barrels a day, over a three-year period.
-By Adam Cohen and Benoit Faucon, Dow Jones Newswires; +322 741 1486; firstname.lastname@example.org