The European Commission (EC) Wednesday cleared a proposed joint venture between Spain's Repsol YPF SA group subsidiary Repsol Qu�ca SA and Danish thermoplastics and petrochemicals feedstock company Borealis AS.
The EC said the 50:50 joint venture, which will bring together the two companies' polyolefins businesses and related assets in the Iberian Peninsula, "does not raise any competition concerns."
Borealis is jointly owned by the Norway's Statoil, the Austrian oil and gas company OMV AG, and the International Petroleum Investment Co. of Abu Dhabi.
"The deal does not give rise to any competition concerns in the markets for olefins and polyolefins as the combined market shares are modest. Furthermore there are a significant number of strong competitors," EC said in a statement.