The European Commission has cleared under the EU Merger Regulation, subject to conditions, the proposed acquisition by Galp Energia of Portugal of Esso Portuguesa, Esso Espanola and a part of ExxonMobil Petroleum & Chemical. The Commission said found the transaction would give rise to competition concerns in certain refined oil product markets in Portugal. Galp offered to divest certain assets and shareholdings.

The Commission said it concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. As regards Portugal, the Commission found that the proposed transaction, as initially notified, could have raised competition concerns in a number of markets in Portugal. These markets are: non-retail sales of diesel, LPG in bottles, LPG in bulk, into-plane aviation fuel and lubricants.