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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups concerned:
- The acquirer: The company “Alpha Oryx Limited”;
- The targets: – The company “Egyptian Drilling Company S.A.E.” (E.D.C.);
- The company “Egyptian Linear Alkyl Benzene S.A.E.” (Elab);
- The company “Egyptian Ethylene and Derivatives Company S.A.E.” (ETHYDCO).
Nature of the operation
- Joint control acquisition of EDC and ELAB companies;
- Exclusive control acquisition of ETHYDCO company.
Economic sectors concerned
- Sectors of production and supply of petroleum and petrochemical products.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e. August 9, 2024.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION
The Competition Council received notification of an economic concentration operation concerning the acquisition by the company “Alpha Oryx III Limited” (Alpha) of exclusive control of the company “Egyptian Ethylene and Derivatives Company (ETHYDCO) S.A.E. (ETHYDCO)”, as well as joint control of the companies “Egyptian Drilling Company S.A.E. (EDC)” and “Egyptian Linear Alkyl Benzene (Elab) S.A.E. (ELAB)”, alongside the company “Egyptian General Petroleum Corporation” (EGPC).
“Alpha” is a limited liability company organized and operated under the laws of the United Arab Emirates, with the trade register number 000004009, headquartered in the United Arab Emirates, ultimately controlled by “Abu Dhabi Developmental Holding Company P.J.S.C.” (ADQ).
Established in Abu Dhabi in 2018, ADQ is one of the largest holding companies in the region, with direct and indirect investments in various sectors of Abu Dhabi’s economy, including food and agriculture, aviation, financial services, healthcare, industries, logistics, media, real estate, tourism and hospitality, transportation, and utilities.
“Egyptian Drilling Company (E.D.C.) S.A.E.” is a joint-stock company under Egyptian law registered in the Cairo investment commercial register under number 178136;
“Egyptian Linear Alkyl Benzene (Elab) S.A.E.” is a joint-stock company organized and existing under Egyptian law, registered in the Alexandria commercial register under number 1609; and
“Egyptian Ethylene and Derivatives Company (ETHYDCO) S.A.E.” is a joint-stock company organized and existing under Egyptian law, registered in the Alexandria commercial register under number 6673.
The Targets are active in the production of petroleum derivatives and, upstream, in the oil and gas sector, mainly, but not exclusively, in Egypt. They are owned by the company “Egyptian General Petroleum Corporation,” established under Law No. 135 of 1956 in Egypt. Its activities, conducted directly and through its portfolio companies, are related to the production of oil and oil derivatives for local and international consumption.
Done in Rabat, on July 29, 2024
