The European Commission has approved plans by ITOCHU Corporation and Peninsula Petroleum Limited to form a joint venture targeting the emerging ammonia bunkering segment.
The venture will be primarily involved in marketing ammonia supply for bunkering and in trading ammonia as a marine fuel, as the industry looks to scale up alternative fuels to meet tightening emissions rules.
In its assessment, the Commission determined the deal would not pose competition issues within the European Economic Area, noting the limited overlap between the companies and the venture’s expected low level of activity in the region.
The case was handled under the EU’s simplified merger review process, reserved for transactions considered unlikely to distort market competition.
