EU Approves $9B Angola LNG Joint Venture

Law360, New York (May 16, 2012, 7:32 PM EDT) -- The European Commission cleared the way Wednesday for five energy heavyweights — the U.S.'s Chevron Corp., the U.K.'s BP PLC, France's Total SA, Italy's ENI SpA and Angola's Sonangol Group — to acquire joint ownership of a $9 billion liquefied natural gas operation in Angola.

After a standard review of Angola LNG, the EC's merger team found the joint venture would not impede competition in the European Economic Area, the regulatory authority announced in a statement Wednesday.

"Given the [joint venture's] moderate anticipated market share and...
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