Brussels, 14 May 2024
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture (Net Zero North Sea Storage Limited) by BP CCUS UK NEP Limited (‘BP’) and Equinor Low Carbon UK Limited (‘Equinor’), all three from the UK.
The transaction relates primarily to the capture and subsequent storage of liquefied carbon dioxide (CO2) originating from emitters in the Teeside and Humber regions of the UK.
The Commission concluded that the notified transaction would not raise competition concerns, given the limited impact on the European Economic Area. The notified transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.11213.