EU approves Trafigura's acquisition of Greenergy's European biofuels business, marking a shift for the oil trader towards renewable fuels.
The European Commission has approved the proposed acquisition of the European business of UK-based biofuels producer Greenergy by commodities trading giant Trafigura . Following a review of the proposed transaction under the EU Merger Regulation, the Commission concluded that the deal would not raise competition concerns, because the companies would have a limited combined market position resulting from the deal.
Ben Luckock, Global Head of Oil at Trafigura, commented “As Europe transitions to a lower carbon future and the refining industry adapts to changing market dynamics, companies like Greenergy become increasingly important.” Trafigura and other oil trading giants have amassed huge profits over the past two years of market uncertainty and volatility, and are now looking to reinvest part of the profits into expanding operations into refining and biofuels supply.
Greenergy Biofuels European Union Renewable Energy Oil Trading Acquisitions Biofuels Market Green Energy
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