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Bulgarian Watchdog Clears Acquisition of Melrose Resources by Petroceltic International

Business | October 9, 2012, Tuesday // 12:00| Views: 1147 | Comments: 0
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Bulgaria: Bulgarian Watchdog Clears Acquisition of Melrose Resources by Petroceltic International File photo

Bulgaria's Commission on Protection of Competition (CPC) has cleared a concentration through the acquisition of direct single control by Petroceltic International Plc (Ireland) over Melrose Resources, Plc (UK).

The Commission ordered immediate implementation of its decision, according to the CPC statement.

Petroceltic International is an Irish oil and gas exploration and production company which has no business activity in Bulgaria and has no market presence in the country.

According to the CPC, the concentration will not have a negative impact on the competitive environment in the country due to the lack of horizontal or vertical ties between the business activities of the companies in Bulgaria.

Bulgaria's anti-trust watchdog clears the concentration, assuming that the transaction will not influence any market on the territory of the country, according to the press release.

In August, Irish oil and gas company Petroceltic International agreed to buy a controlling stake in Scotland-based Melrose Resources for USD 259.74 M.

In the beginning of August, the Bulgarian government granted Melrose Resources a 6-year concession for natural gas extraction at the Kavarna Iztok field.

The gas field in question is located in Bulgaria's Black Sea continental shelf and the exclusive economic zone and has a total area of 3.97 square kilometers.

The Kavarna Iztok field will become the third field developed by Melrose Resources in Bulgarian Black Sea waters.

The company is already extracting natural gas from the Kaliakra and Kavarna fields, the production covering around 15% of the country's natural gas consumption.

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Tags: Commission on Protection of Competition, CPC, anti-trust, watchdog, Melrose Resources, oil and gas exploration, acquisition
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