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FINWIRES

EU Clears Itochu, Peninsula Petroleum Ammonia Marine Fuel Joint Venture

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-- The European Commission on Thursday cleared an Itochu-Peninsula joint venture for ammonia fuel trading, citing limited market share and negligible activity in the European Economic Area.

The Commission approved the joint venture between Japan-based Itochu and Peninsula Petroleum, based in Ireland, under the EU Merger Regulation.

The companies will focus on marketing services for ammonia bunkering and trading ammonia as a marine fuel, according to the Commission.

The Commission found no competition concerns due to the venture's minimal presence in the European Economic Area and the companies' limited combined market positions, following a simplified review process.

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