Petroceltic Int acquires Melrose Resources

The Commission on Protection of Competition (CPC) allowed the Irish oil and gas company Petroceltic International to acquire sole control (54% of the shares) of Britain's Melrose Resources, the press office of the Commission announced on Tuesday.

Melrose Resources is among the companies developing business in Bulgaria, with sites at Kaliakra, Kavarna and Galata.

In early August, the company received a six-year concession for extraction of natural gas from the "Kavarna East" site, which is located on the continental shelf of the Black Sea and has an area of 3.97 sq km.

Petroceltic International Group can explore and extract oil and natural gas and sell it, but they do not have economic activity in Bulgaria and have no market presence in the country, CPC noted. CPC does not expect negative consequences for the effective competition as a result of the transaction, such as the creation or strengthening of a dominant position on the market by Petroceltic International. According to the Commission, the transaction will not affect any market in Bulgaria.

In mid-August, Petroceltic International announced that they have made an offer to buy the British Melrose Resources and the proposal was for nearly $260 mln for a controlling stake in the company, DarikFinance reminded, citing Reuters.

Via this, the Irish company showed its intentions to strengthen its operations in North Africa, the Mediterranean and the Black Sea.

Melrose Resources develops energy resources in Egypt, Romania, Turkey and France.

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