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EU Approves Merger of SADCO and HHHI KSOE

Gasoil News - Published on Thu, 14 Nov 2019

Image Source: pewresearch
The European Commission has approved the merger of Saudi Aramco Development Company and HHI’s Korea Shipbuilding and Offshore Engineering Company. The Commission concluded that the proposed acquisition would raise no competition concerns because the joint venture would not be active in the European Economic Area. According to the Commission, the joint venture will construct and operate a manufacturing site of engines and marine pumps in Saudi Arabia.

SADCO is active in the exploration, production and marketing of crude oil, and the production and marketing of refined products and petrochemicals while KSOE provides integrated systems and solutions for powering seaborne transportation and technology and services for the offshore industry.

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Posted By : Yogender Pancholi on Thu, 14 Nov 2019
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