ConocoPhillips Co. has petitioned the Federal Trade Commission for approval to amend its propane supply agreement with NGL Supply Inc., the FTC announced.
The agreement is part of the antitrust regulator’s consent order issued to resolve concerns stemming from the 2002 merger of Conoco Inc. and Phillips Petroleum Co. That order required the combined companies to divest propane business assets and supply propane to the purchaser, the FTC said on Aug. 5. ConocoPhillips sold the Phillips propane business to NGL to comply with the order, it added.
The major oil company now wants to amend the supply agreement to ensure that it has enough propane stocks at relevant times of the year, and is able to continuing supplying the product to its own customers and to NGL, according to the FTC. It said that the proposed amendments govern the summer supply of propane to NGL when ConocoPhillips’s supplies drop below certain levels.
The commission said it would accept public comments on the request through Sept. 8. Copies of the petition can be found at its website at www.ftc.gov.
Contact Nick Snow at email@example.com