Monday, December 6, 2010

ExxonMobil (NYSE:XOM) Blocked in Oil Terminal Sale

ExxonMobil (NYSE:XOM) has again been blocked by the Australian Competition & Consumer Commission over its attempt to sell their share in a fuel terminal located at the port of Gladstone in Queensland.

The regulator said, "The ACCC's preliminary view is that the proposed acquisition is likely to substantially lessen competition in the market for the supply of import-capable petrol and diesel terminal services in the Gladstone region."

Specified was the effect it may have on independent fuel suppliers who could be hindered from entering the region if the deal is allowed to go through.

ExxonMobil was attempting to sell their share in the venture to Caltex Australia.

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