EU regulators clear takeover of Lithuania's Mazeikiu refinery by Poland's PKN Orlen

European Union regulators on Tuesday approved the acquisition of the Lithuanian oil refinery Mazeikiu Nafta by Polish oil company PKN Orlen, saying the takeover would not hurt competition in European markets.

PKN agreed in May to pay US$2.3 billion (€1.81 billion) for a 83 percent stake in Mazeikiu Nafta, but a fire at the refinery and the rupturing of the main crude oil supply pipeline have fueled speculation that the Polish company may pull out.

On a visit to Lithuania on Monday, Polish President Lech Kaczynski said PKN would not renege on the deal.

In a statement, the European Commission said the companies did overlap in some markets for sales of gasoline and diesel, but judged that these "would not give rise to competition concerns."
Source:iht.com