PMÚ agrees to acquisition of 49% stake in Transpetrol by Rosneft

THE ANTI-Monopoly Bureau (PMÚ) has agreed to the acquisition of a 49-percent stake in the oil transport and storage company Transpetrol by Russian company Rosneft.

At the moment, the stake in question belongs to another Russian company, the troubled Yukos. Slovakia sold the 49-percent Transpetrol stake to Yukos in 2002 for $74 million.

Under the terms of the deal, Rosneft and the Slovak Economy Ministry will have joint control over Transpetrol.

Rosneft is engaged in crude oil and gas extraction, product trading and the construction and maintenance of oil pipelines. Transpetrol is a monopoly managing the pipeline network in Slovakia, and dealing mainly with the transportation and storage of crude oil.

In its assessment, the PMÚ focused on the impact of the deal on economic competition in Slovakia, PMÚ spokesman Miroslav Jurkovič said on May 19.

"Based on its evaluation, the office concluded that this acquisition would not change the situation on the market. Also, given that this move concerns only ownership changes, [the PMÚ] concluded that the acquisition neither creates nor enhances a dominant position that would be a significant obstacle to competition on the crude oil transportation and storage market," Jurkovič said for the TASR news wire.

The transaction must still be approved by the government.

Compiled by Marta Ďurianová from press reports
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