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Share Price Information for BP (BP.)

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Share Price: 491.30
Bid: 490.50
Ask: 490.60
Change: 2.00 (0.41%)
Spread: 0.10 (0.02%)
Open: 491.00
High: 493.10
Low: 490.30
Prev. Close: 489.30
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UPDATE 1-BP concerned over planned merger of Poland's two biggest refineries

Wed, 05th Sep 2018 15:10

LONDON/WARSAW, Sept 5 (Reuters) - The planned merger ofPoland's two largest refiners PKN Orlen and Grupa Lotoscould restrict competition in the east Europeancountry, BP said in a statement on Wednesday.

Poland's biggest oil refiner PKN Orlen said in February itplanned to buy at least a 53 percent stake in Lotos, mostly fromthe state.

London-based oil and gas group BP has not filed any officialcomplaint with Polish or European Union authories but willconsider its options in the future, a company spokeswoman said.

"If this merger were to go ahead, 95 percent of the(country's supply and infrastructure) market would be controlledby two companies," the BP statement said.

"We believe that a competitive market is in the bestinterest of Polish consumers and that this merger could restrictthat competition unless there is a guaranteed competitive costof supply and infrastructure access."

In the first half of 2018, PKN Orlen owned 1,771 petrolstations in Poland, BP had 537 stations and Lotos 484, accordingto data from POPiHN, a Polish organisation that providesresearch into local fuel market.

"We are in a dialogue with the European Commission.According to our analyses, the transaction will not threaten thecompetition," a PKN Orlen spokeswoman said.

PKN plans to ask the European Commission later this year foranti-monopoly approval of the deal.(Reporting by Ron Bousso; Aditional reporting by AgnieszkaBarteczko in Warsaw; Editing by Mark Potter)

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