JET- European Commission opens Phase 2 review

2008-05-13

The European Commission has announced that it has now opened a detailed Phase 2 review of the proposed StatoilHydro acquisition of ConocoPhillips' JET businesses in Denmark, Norway and Sweden.

StatoilHydro and ConocoPhillips have been cooperating with the Commission before notification and during the preliminary Phase 1 investigation.

Both parties look forward to continuing to work with the Commission to resolve any competition concerns and to closing this transaction as soon as is possible. A detailed review normally lasts up to 90 working days.

"Whilst we of course would have wanted a faster process, when it comes to this type of business transaction, it is not unusual that it goes into a Phase 2 process. We will continue to work toward our vision to become the leading transportation fuel company in Scandinavia" says Senior VP Jacob Schram in E&R Europe.

Statoil energy and retail Europe has operations in Norway, Denmark, Sweden, Poland, the Baltic States and the Murmansk region. More than one million customers visit Statoil's 2100 outlets and truck stops daily. The organisation has 9300 full-time employees.

StatoilHydro