The European Commission has approved the creation of a joint venture between Mitsubishi Corporation Energy (MCE) and ENEOS Corporation.
MCE is a wholly-owned subsidiary of Mitsubishi Corporation and is active in the sale and trade of petroleum products and construction and operation of fuel stations.
ENOES Corporation is a wholly-owned subsidiary of ENEOS Holdings and is active in the energy industry, including in the production and sale of petroleum products, petrochemicals, electricity, coal and hydrogen.
The new joint venture will operate petrol stations in Japan.
The Commission said: “The Commission concluded that the proposed acquisition would raise no competition concerns given that the joint venture will have no activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.”