EU clears JV between Mitsubishi Corporation Energy and ENEOS

Two Japanese companies to form a joint venture that will operate petrol stations in Japan.

The European Commission has approved the creation of a joint venture between Mitsubishi Corporation Energy (MCE) and ENEOS Corporation. The joint venture will operate petrol stations in Japan.

MCE is a wholly-owned subsidiary of Mitsubishi Corporation, and is active in the sale and trade of petroleum products and in the construction and operation of petrol stations.

ENEOS Corporation is a wholly-owned subsidiary of ENEOS Holdings Inc., and is active in the energy sector, including in the production and sale of petroleum products, petrochemicals, electricity, lubricants, coal and hydrogen.

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.