Europe Commission clears creation of joint venture by Chinese, Saudi companies

BRUSSELS, Sept 19 (KUNA) -- The European Commission Tuesday announced the approval, under the EU Merger Regulation, the creation of a joint venture by Baoshan Iron & Steel Co. Ltd. (آ‘Baosteelآ’) of China, Saudi Arabian Oil Company (آ‘Saudi Aramcoآ’) and Public Investment Fund (آ‘PIFآ’), both of Saudi Arabia.

The joint venture will manufacture and supply direct reduced iron and heavy steel plates to third parties and to Saudi Aramco, PIF and their affiliates under long-term supply agreements, it said in a statement.
It will be active in the countries of the Gulf Cooperation Council, primarily in Saudi Arabia, as well as in other countries of the Middle East and North Africa region.
The EUآ’s executive body concluded that the notified transaction would not raise competition concerns, given that the joint venture has negligible foreseen activities within the territory of the European Economic Area. (end) nk.rk.