December 29 (SeeNews) - Romania's competition authority said on Wednesday it has approved the takeover of the local operations of oilfield services group Schlumberger by Forasol, part of Grup Servicii Petroliere (GSP).
"Following a review of the transaction, the Competition Council has found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the anti-trust body said in a statement.
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The transaction involves the transfer of activities in the field of oil services provided in Romania by Schlumberger Group companies M-I Petrogas Services Romania, Schlumberger Oilfield Europe Support and Schlumberger Romania.
The value of the transaction was not disclosed.
The Schlumberger Group is a provider of technology and services to the oil industry, specializing in the design, development and supply of technology related to oil and gas extraction operations and stages. Schlumberger has four principal executive offices located in Paris, Houston, London, and The Hague.
Established in 2018, Forasol provides services connected to the extraction of crude oil and natural gas. Its parent group GSP is a privately-owned Romanian company which carries out offshore drilling and construction activities offshore, production of oil equipment, as well as activities in the tourism sector.
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