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A final consent order allows the merger of Phillips Petroleum and Conoco Inc. but requires certain divestitures and other relief to maintain competition in the gasoline refining market in specific areas of the United States. Among the assets to be divested are refineries, propane terminals, and natural gas gathering facilities. The FTC approved an application to reopen and modify its final order to change the license agreement that ConocoPhillips has with Holly Corporation, an independent oil refining company. The changes approved by the Commission allow ConocoPhillips and Holly to make the licensing of the "Phillips" and "Phillips 66" brands non-exclusive in two states for the last two years of the FTC-required agreement between them.
The Commission required Irving Oil Terminals Inc. and Irving Oil Limited to relinquish the rights to terminal and pipeline assets in Maine that Irving acquired from ExxonMobil, to maintain competition in gasoline and distillates terminaling services in the South Portland and Bangor/Penobscot Bay areas. The proposed settlement resolves the FTC’s charges that the acquisition is anticompetitive and could result in higher gasoline and diesel prices for consumers.
FTC Seeks Public Comment on ConocoPhillips' Application to Modify Final Commission Order and to Approve Amended Licensing Agreements with Holly Corp.
Information To Be Publicly Disclosed Concerning the Commission Petroleum Industry Practices and Pricing Investigation
FTC Issues Compliance Guide For Its Petroleum Market Manipulation Regulations; FTC Approves Final Consent Order in Matter Concerning K+S Aktiengesellschaft and International Salt Company, LLC
The Commission issued an administrative complaint to block CCS Corporation’s proposed $85 million acquisition of Newpark Environmental Services. According to the complaint, the proposed transaction was anticompetitive because it would consolidate two of the leading providers of waste disposal services for the offshore oil and natural gas exploration and production industry in the Gulf Coast Region, leading to higher prices and decreased service levels. In response to the complaint, CCS, a subsidiary of Red Sky, threatened to close down its operations in the Gulf Coast should the acquisition not receive the necessary regulatory approvals. The Commission filed for a preliminary injunction, and temporary restraining order in federal court. As a result, the parties abandoned the transaction, and the Commission dismissed its administrative complaint.
FTC Extends Public Comment Period in Petroleum Industry Market Manipulation NPRM Proceeding To October 17, 2008; Announces Details for Public Workshop
Commission Extends Public Comment Period in Petroleum Industry Marketing Manipulation ANPR Proceeding Until June 23, 2008
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