commiss decis septemb declar concentr compat common market eea agreement case iv exxon mobil notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis june initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr commiss receiv notif propos concentr undertak exxon corpor mobil corpor merg activ worldwid june unit kingdom notifi commiss accord articl regul eec hereinaft refer merger regul consid concentr affect competit northwest scotland retail motor fuel sector juli commiss issu statement object identifi inter alia competit concern market motor fuel retail unit kingdom august commiss inform unit kingdom circumst accord articl merger regul ground refer case author decis date june commiss found notifi oper rais doubt compat common market commiss initi proceed case pursuant articl merger regul parti oper exxon corpor exxon diversifi compani activ worldwid explor develop product sale crude oil natur ga refin sale refin petroleum product develop product sale chemic product product sale coal miner power gener mobil corpor mobil diversifi compani activ worldwid explor develop product sale crude oil natur ga refin sale refin petroleum product develop product sale chemic product mobil british petroleum bp regroup refin retail activ europ jointli control joint ventur bp mobil notif concern full merger mean articl merger regul exxon mobil sign agreement plan merger decemb pursuant agreement mobil merg wholli own subsidiari exxon mobil surviv corpor result exxon hold percent mobil issu outstand vote secur holder mobil common stock receiv share exxon common stock share mobil common stock time close exxon sharehold approxim combin exxon mobil entiti mobil sharehold approxim ii commun dimens parti combin aggreg worldwid turnov exce eur billion exxon eur billion mobil eur billion exxon mobil commun wide turnov exce eur million exxon eur billion mobil eur billion exxon mobil achiev third aggreg commun wide turnov member state concentr commun dimens pursuant articl merger regul turnov exxon mobil exce eur million efta territori exxon eur billion mobil eur million case efta cooper case iii competit assess oil industri gener divid upstream oil ga sector explor develop product crude oil natur ga downstream sector refin market fuel distribut natur ga manufactur lubric petrochem activ concentr rais competit concern market explor develop product crude oil natur ga regard petrochem activ parti busi overlap parti activ explor develop product crude oil natur ga commiss express articl decis doubt market articl decis commiss express doubt quot ga liquid quot market reason section competit concern market reason concentr rise creation strengthen domin posit market wholesal transmiss natur ga netherland section long distanc wholesal transmiss natur ga germani section underground storag facil natur ga servic south germani section group base oil eea section motor fuel retail austria germani luxembourg netherland unit kingdom section motor fuel retail toll motorwai franc section aviat lubric worldwid section aviat fuel gatwick airport section explor develop product process upstream activ compris type commerci activ find reserv develop commerci exploit reserv find reserv gener quot explor quot develop concern set adequ infrastructur futur product oil platform pipelin termin exploit reserv call quot product sale quot previou commiss decis focus primarili impact notifi transact product sale segment explor develop time capit intens activ includ number success step firstli countri hydrocarbon reserv discov territori countri call quot host countri quot organis bid grant explor licenc bid process vari public auction usa situat bidder pre select host countri pre select base vari extent technic capabl financi strength consider lobbi cultur affin compani bid order spread risk bring complementari skill circumst host countri requir bidder join order licenc explor host countri requir nation oil compani grant share discoveri made block licenc case licenc grant jointli number compani oper block name role oper manag technic financi explor possibl develop product phase project import decis requir unanim partner project total time grant licenc actual product typic rang year year cost explor develop project reach region eur billion project quot frontier area quot split expenditur explor stage develop stage typic mention product start area infrastructur develop includ notabl oil platform pipelin termin smaller field econom develop exploit infrastructur put place bigger field smaller field call quot satellit field quot explor north sea typic process relev product market argu explor develop product sale close inter link distinct product market defin argu explor constitut separ product market argu firm engag explor categori client host countri gener undertaken provid futur flow resourc case oil ga found subsequ produc seller oil ga bui join develop product transfer right block widespread practic industri content underground time explor commiss consid justifi make distinct explor oil explor natur ga develop product sale product market ga crude oil differ applic subject vari price behaviour cost constraint commiss consid stage decis initi proceed defin relev product market develop product sale crude oil relev product market develop product sale natur ga parti contest exist explor market argu close link subsequ step product process make product market explain section effect merger competit apprais effect competit notifi oper defin precis relev product market stage explor develop product sale crude oil natur ga relev geograph market commiss consid explor market worldwid scope agre parti european demand perspect relev geograph market worldwid scope develop product sale crude oil includ eea algeria russia ga commiss examin smaller geograph area constitut relev market purchas ga make secur suppli reason distinct purchas polici origin ga basi perceiv polit risk influenc secur suppli regard russian algerian ga russia account approxim total western european suppli algeria explicit spanish legisl order natur ga demand countri price increas ga produc eea defeat small increas proport ga purchas russia algeria case precis definit relev geograph market left open alter conclus competit assess market player tradition compani involv explor develop product sale busi group categori profil strateg object futur explor develop capabl categori state own opec oecd base compani statoil produc ii quot major quot vertic integr oil compani intern activ iii multitud substanti smaller oil compani integr upstream explor produc competit concern identifi commiss rais fact result notifi transact notifi bp amoco arco distinct fourth tier player prevail explor develop activ group quot super major quot compos exxon mobil bp amoco arco shell posit parti market explor wide accept indic market power explor market measur market power carri basi number block licenc grant number block compani oper net acreag total acreag operatorship capit expenditur explor wide agreement proxi base number block acreag reliabl cover wide vari situat basi capit expenditur exxon mobil bp amoco arco shell repres roughli equival share total capit expenditur explor develop product schedul largest player repres averag size main player parti contest adequaci measur market power reason capit expenditur vari site explor bias market share nation oil compani low cost opec area capit expenditur reflect correct share ownership licenc output state compani pai share disproportion lower licenc interest crude oil output thirdli capit expenditur includ expenditur invest ga liquefact infrastructur sum invest pure explor measur market power calcul share expect product compani current explor purchas parti right translat futur product basi market investig combin market share super major opec product year rang product sale exxon mobil worldwid product crude oil european product natur ga number combin bp amoco arco shell number materi chang year total natur ga product eea super major account natur ga consum eea super major account industri refer proven reserv proxi market power basi parti hold approxim worldwid proven reserv crude oil european wide proven reserv natur ga argu proven reserv relev indic futur product proven reserv state oil compani stock function privat compani privat oil compani limit stock mean proven reserv compani replac forese deplet exist oil field remain viabl player market nation oil compani justifi explor develop invest sharehold benefit nation reserv larg exce indic involv upward bia favour nation compani forese futur opec produc collect enjoi substanti market power crude oil product control substanti amount product proven reserv approxim saudi reserv account opec reserv opec number instanc past influenc crude oil price level gazprom sonatrach nation russian algerian supplier account approxim eea sale natur ga reserv account gazprom combin proven reserv sold eea effect merger competit commiss rais doubt effect competit market explor develop product sale crude oil natur ga notifi acquisit bp amoco arco merger lead creation fourth tier competitor industri compos exxon mobil bp amoco arco shell paramet retain market capitalis oil ga product proven reserv materi gap super major remain major consid super major futur privileg posit find develop import reserv compar player market increas financi strength enabl hold portfolio risk increas size contrari competitor pick choos area intend activ favour access capit capac spread risk smaller compani want continu develop import field smaller partner super major benefit combin resourc altern nich player focus explor result super major control access explor frontier area time grant licenc surround block super major built infrastructur typic time laps stage explor start product vari year scenario possibl year opec reserv product influenc signific extent super major affect product sale market competit constraint limit opec abil function cartel lessen compani interest opec align opec decis limit output level fear advantag translat strengthen opec domin posit crude oil market creation oligopolist structur combin opec super major creat incent align opec commerci strategi opec posit rais sustain price highest price threshold explor trigger basi forego commiss conclud oper rais doubt compat common market function eea agreement explor depth investig parti contest commiss doubt ground super major face competit constraint smaller oil compani host countri control oil ga product case incent oil compani restrict product market investig confirm small explor emerg class super major threaten posit size differ compet type explor right depend bigger explor sell oil addit major chevron texaco elf total unchang capac explor develop field world parti provid numer exampl involv major current project world market investig confirm typic concess contract govern explor produc prohibit limit output leav decis discret govern natur ga parti super major control eea product competit affect market exist view perceiv polit risk attach ga product russia algeria collect domin super major argu view strong posit norwegian ga deliv competitor addit produc natur ga face concentr demand hand nation wholesal ga transmiss compani snam itali transga portug commiss conclud concentr lead creation strengthen domin posit market explor develop product sale crude oil natur ga ga liquid technolog commiss express doubt articl decis notifi transact creat domin posit regard ga liquid technolog ga liquid technolog gtl process convers natur ga finish fuel gtl technolog enabl convers natur ga liquid form site explor product facilit commerci develop ga reserv transport natur ga remot locat access pipelin addit advantag produc high puriti product present gtl process produc econom substitut product convent refin product custom demand gtl product expect lubric petrochem industri due high puriti molecular arrang feedstock gener gtl technolog subsequ demand includ petroleum product gtl pathwai present fischer tropsh methanol methanol gasolin process mtg exxon mobil develop inform collect market exxon develop singl largest patent portfolio direct process hold foreign patent direct essenti signific step pathwai industri sourc state oil ga compani limit patent posit process compani posit cover essenti step pathwai patent posit exxon mobil repres altern substitut posit post merger strong patent posit parti creat disincent potenti entrant final substanti financi resourc compet gtl plant cost usd billion build prevent expans incumb entri potenti competitor respons commiss doubt parti explain gtl technolog constitut market quantiti petroleum product technolog enabl produc decad minut compar produc tradit refin process addit compani hold patent portfolio suffici enabl develop technolog commiss agre parti notifi concentr assum hold essenti portfolio gtl patent give rise domin posit small impact petroleum product market natur ga introduct descript quot ga column quot natur ga stream element remov ga reach pipelin qualiti compos methan ethan inject high pressur distribut pipelin ga sold wholesal transmiss compani turn sell ga end consum level ga wholesal transmiss compani quot long distanc quot wholesal transmiss compani quot short distanc quot wholesal transmiss compani long distanc wholesal transmiss compani purchas ga ga produc transport ga long distanc high pressur pipelin sell local wholesal short distanc wholesal transmiss compani directli end custom provid intern long distanc transit servic long distanc wholesal transmiss compani locat countri addit suppli ga servic offer end custom includ provis quot swing quot consumpt ga evenli spread year import local distribut compani ldc suppli low pressur pipelin grid household requir heat purpos lot ga winter summer kei element provid swing access storag form underground storag facil provis servic qualiti control ensur ga provid agre specif balanc ensur input ga pipelin line requir output back agreement wholesal produc interconnect pipelin network guarante suppli proprietari suppli fall meter end custom group categori power gener firm interrupt industri custom ldc custom differ import price differenti custom categori ga demand price tradition base custom altern energi sourc anlegbarkeitsprinzip refer altern energi sourc custom switch heat oil household heavi fuel industri user extent nuclear energi coal power gener qualit differ suppli custom categori respect refer made quot swing quot requir suppli ldc differ firm ga suppli interrupt interrupt industri consum aspect equal impact price differ legal framework result direct ec european parliament council hereinaft quot ga direct quot nation implement measur liberalis ga direct requir member state open market august ga fire power gener irrespect annual consumpt level final custom consum million cubic metr mcm year consumpt site basi free contract natur ga quot elig custom quot total open market increas threshold elig custom reduc mcm mcm organis access system member state choos procedur oper accord object transpar discriminatori criteria procedur concern quot negoti access quot natur ga undertak elig custom negoti voluntari commerci agreement relev ga undertak publish term system august annual basi procedur quot regul access quot natur ga undertak give access basi publish tariff set relev author member state direct import condit derog procedur commiss accept condit ga undertak refus access econom financi difficulti pai commit accept ga purchas contract netherland recent introduc propos ga law consider minimum requir ga direct consum annual consumpt mcm account total annual netherland consumpt free purchas ga januari client annual consumpt mcm free januari consum includ household sourc ga freeli special regim power gener netherland opt quot negoti access quot gasuni publish tpa tariff august germani wholesal transmiss compani tradition region monopoli conclud region demarc agreement agreement wholesal transmiss compani agre undertak wholesal activ design territori forbidden april date entri forc energi industri act act make german market open custom quot elig custom quot act stipul municip make right construct pipelin grid competit act stipul network oper deni parti access network justifi object reason case refus matter submit competit author directli administr court februari industri associ negoti quot verbändevereinbarung ga quot lai criteria negoti parti access indic price contractu framework european ga industri oper basi long term contractu arrang buyer seller parti order achiev financ invest product distribut infrastructur ga produc conclud long term agreement buyer ga field product buyer ga typic nation wholesal transmiss compani found basi agreement invest place distribut infrastructur termin pipelin contract conclud suffici advanc actual product start infrastructur built turn wholesal transmiss compani conclud contract client endeavour match aggreg bui volum long term contract client tradition wholesal transmiss compani balanc demand suppli typic featur long term contract pai commit volum contractu price level typic construct netback price minu agre margin client contract provid yearli price reopen price review materi chang market buyer ga ga competit chang altern energi contract parallel sale claus buyer entitl lower oblig volum seller sell directli buyer territori ga compani buyer argu avoid produc sell ga wholesal transmiss compani time directli wholesal transmiss compani client hand agreement import element stabil ga distribut chain maintain hierarchi produc wholesal transmiss compani end consum polici price ga mean altern energi buyer client call market principl view european ga compani kei element explain build expans european ga infrastructur time consum benefit competit price maximis incom stream ga sale maintain accept ga player principl kei concern incumb ga oper compani overview ga column netherland germani netherland largest ga produc countri eea net export ga largest equiti produc netherland nam joint ventur jv exxon shell ebn dutch state oil ga compani exxon shell dutch state ebn directli gasuni wholesal distribut compani dutch ga sold gasuni sell ga consum netherland own total dutch ga wholesal infrastructur except pipelin gasuni conclud long term exclus suppli agreement region distribut compani sale client annual demand level ga product germani account approxim german ga demand main produc beb german product distribut jv exxon shell mobil ga consumpt import norwai russia netherland import import wholesal transmiss compani germani ruhrga exxon shell mobil bp german coal steel produc owner ruhrga import beb thyssenga exxon shell interest rwe dea compani control thyssenga vng eastern german wholesal transmiss compani beb ruhrga sharehold mobil ew compani parti interest import ga german consumpt tradit long distanc wholesal transmiss compani posit challeng winga jv basf gazprom russian ga produc mean newli construct pipelin network ga sold german produc import wholesal transmiss compani refer quot long distanc wholesal transmiss compani quot seri region wholesal transmiss compani refer quot short distanc wholesal transmiss compani quot long short distanc wholesal transmiss compani sell ga ldc turn suppli household wholesal transmiss market relev product market parti distribut market natur ga divid wholesal transmiss segment local distribut segment wholesal transmiss compani aggreg ga produc sell mix tier wholesal compani german short distanc wholesal transmiss compani local distributor larg end user transmiss compani utilis high pressur pipelin system storag facil deliv ga locat volum requir custom local distributor sell ga end user household parti supplier wholesal local distribut level trade tend parti direct presenc local distribut segment addit distribut market natur ga parti qualifi notif quot natur ga transport pipelin lng ship quot quot natur ga storag quot separ market commiss agre parti natur ga transport natur ga storag constitut distinct product market wholesal transmiss versu local distribut market long distanc short distanc wholesal transmiss compani sell ga high pressur pipelin industri custom power gener local distribut compani local distribut compani sell ga end user household residenti custom extens street street low pressur pipelin network grid local distribut compani bui wholesal compani swing relat servic commiss agre parti local distribut constitut distinct product market parti directli activ market product market assess scope present procedur long distanc versu short distanc wholesal transmiss market long distanc wholesal distinct product market entri depend goodwil incumb high sunk cost invest explain german ga wholes industri characteris tier structur long distanc transmiss compani sell ga import directli foreign produc transport long distanc pipelin short distanc compani assess type servic easili substitut short distanc compani case hypothet increas price charg short distanc compani circumst short distanc compani defeat price increas directli ga produc integr upward vertic chain short distanc compani possibl end custom similar price condit ga produc enjoi long distanc compani transport ga long distanc market investig commiss conclud face price increas short distanc compani lack incent pass long distanc compani parti view import ga parti relev market consist sale german import ga long distanc short distanc wholesal transmiss compani industri custom power gener local distribut compani parti specif activ long distanc transmiss compani technic complic bring ga german border parti import small volum refer coupl small volum import contract parti cost enter busi mean invest recept facil pipelin storag natur featur long term capit intens industri constitut barrier entri specif refer made invest made winga illustr remain profit invest german ga infrastructur parti point invest need import ga parti refer provis german energi law legal oblig pipelin owner offer spare capac parti sale end consum germani realist possibl refer made decis number local distribut compani purchas directli produc fact industri group purchas central ii corrobor commiss market investig market investig corrobor parti opinion import ga quot technic complic quot statement made german short distanc wholesal quot achiev interest price import contract requir present bui big quantiti bui oblig invest financi particip project compani activ typic compani bundl big demand larg financi mean bear import relat cost risk import suppli secur diversif suppli sourc plai import role quot quot import requir parallel pipelin network produc transmiss point border tpa short distanc wholesal estim cost time involv quot quot difficult sell addit import quantiti germani client quantiti region distributor market ga directli end consum consider effort prove unrealist present quot repli statement object repli parti state purchas small volum cost import readili mean research consult firm cost import infrastructur typic suppli custom access demand grow exist contract expir commiss recognis cost import calcul point dealt note bundeskartellamt recent procedur conclud long distanc wholesal transmiss market constitut distinct relev product market iii german ga challeng price increas import ga german ga sold germani compet import ga german ga product account total consumpt expect decreas wholesal transmiss compani satisfi demand requir increas access import ga servic long distanc wholesal transmiss compani addit german ga commit larg extent long distanc wholesal transmiss compani gener avail german ga compani limit challeng price increas import ga german ga product reserv held long distanc wholesal transmiss compani beb mobil remain german product account german demand rwe dea wintershal preussag erdöl erdga gommern rwe dea commit sell annual product ruhrga preussag commit sell annual product ruhrga largest part erdöl erdga gommern product sold vng long distanc wholesal transmiss compani iv access foreign ga competit condit feasibl post merger potenti entrant long distanc wholesal transmiss market depend servic incumb compani dai dai busi short distanc wholesal depend signific extent pipelin network storag facil servic provid long distanc transmiss compani upset essenti supplier pass part servic riski decis view scope retali long distanc wholesal transmiss supplier short distanc wholesal transmiss compani depend wholesal transmiss servic long distanc transmiss compani erdga münster egm compani sell german ga produc sharehold import german ga produc beb mobil wintershal preussag rwe dea sharehold oblig sell product specif part northwest germani egm account total german ga consumpt compani assur ga suppli beb mobil concentr control strateg decis egm decis includ posit egm futur liberalis market environ parti claim control egm reason accept exxon exercis joint control sens merger regul beb addit make econom sens shell agre shell benefit advantag control egm mobil beb long distanc wholesal transmiss compani mobil posit market substanti smaller beb mobil interest pre merger maintain possibl egm instrument futur liberalis market environ necessarili align interest beb mobil abil potenti competitor suppress post merger establish formal control egm parti made refer direct call tender foreign supplier coupl minor local distribut compani call tender local distribut compani winga custom request quot suppli german border organis transport germani mention parti decis stadtwerk sw viernheim purchas directli result commiss investig call tender success fact sporad call tender local distribut compani feasibl transport ga germani act competit incumb produc enter market reli german compani sell ga germani reli vari extent incumb transit ga export market instanc dutch ga transit pipelin german incumb reach switzerland itali possibl poland norwegian ga transit germani reach switzerland russian ga transit germani reach franc smaller compani interest price volum tradit supplier pass incumb long term year pai contract oblig wholesal transmiss compani reduc amount produc sell directli compani area transmiss compani call quot parallel sale claus quot increas barrier compani obtain suppli supplier interest pass tradit client lead ga ga competit gtgc reduc price obtain market supplier offer lower price reason custom switch gtgc price reduct outcom produc receiv net back price price reduct affect ga sale sell newcom put produc risk damag price competit parallel sale claus stimul wholesal transmiss compani supplier compet end user pro competit competit happen profit made supplier direct sale compens short term loss net back total remain contract sale volum wholesal transmiss compani long term loss risk lose sale wholesal transmiss compani exist contract end happen parallel sale claus act barrier entri commiss note import german long distanc wholesal purchas substanti part german origin ga norwegian danish russian produc common ruhrga beb thyssenga combin demand consortia long term contract price compani negoti contract stand basi parti disagre purchas price unrel volum set altern fuel price commiss agre argument logic extrem impli price competit european ga industri charg price altern fuel price correct parti wide freedom assess paramet ga price link altern fuel index note bui common reduc incent produc pass wholesal transmiss compani sell directli indirectli territori compani combin purchas produc risk lose client pass parti argu incumb vng mobil purchas ga directli individu similar price impli newcom incumb endeavour posit influenc vi vi produc push suppli competitor winga conclud number year ago suppli agreement norwegian ga gfu norwegian ga sale organis refus addit state quot continu prevent bui ga quot volum contract long distanc wholesal transmiss compani conclud long term pai suppli agreement import custom short distanc suppli compani local distribut compani difficult sell volum long term agreement form addit barrier entri long distanc market commiss recognis contract end dai ga demand grow year contract insurmount barrier entri undeni make entri difficult market long term commit buyer seller final german long distanc wholesal transmiss compani spent lot monei recent year continu downstream vertic integr bui equiti particip short distanc wholesal transmiss compani local distribut compani commiss consid aim maintain current suppli structur increas barrier entri market access infrastructur duplic option duplic infrastructur involv excess sunk cost import capit invest incumb recept facil pipelin storag qualiti adjust purpos ga pipelin convert substanti cost oil pipelin invest consid substanti part sunk cost parti cost enter ga busi constru barrier entri cost import infrastructur typic ga purchas import infrastructur infrastructur requir import part long distanc pipelin network remain import capit invest substanti part sunk cost addit cheaper quicker incumb increas capac pipelin transport ad compressor newcom build pipelin expect newcom market start construct major high pressur pipelin network germani word quot winga experi quot repeat winga sort quot lucki combin quot big largest german industri ga consum happi prevail price big russian produc conflict interest incumb conflict interest explain competit assess part addit net back supplier expect achiev renew contract origin wholesal transmiss compani greater expect net back newcom make invest requir higher margin newcom quot fight quot volum sold lead price reduct player market reflect reduc net back price produc industri propos parti access limit impact abil custom directli import ga competit long distanc transmiss compani purpos decis commiss satisfi conclus verbändevereinbarung ga vv ga lead market entri mean parti access conclus base current state plai propos german ga industri vv ga negoti vv ga initi trade feder bgw associ german ga water industri vku associ local distribut compani bdi german industri associ industri consum vik german power gener associ germani chosen context ga direct quot negoti tpa quot vv ga set guidelin negoti tpa german competit author commiss assess vv ga adopt aim vv ga common letter feder german minist econom affair quot set signal polit environ regul natur ga requir vv ga fulfil criteria market orient competit fair transpar simpl develop natur ga stock exchang vv ga basic principl rule access network simpl calcul tariff vv ga conclud end quot common declar basi quot refer case quot develop ga industri conclud mean type tpa import ga competit incumb element refer case stipul tpa pipelin capac long term pai contract consider result market investig difficult assess capac incumb contract demand mean long term pai contract vv ga fundament endang situat incumb element refer case parti ga compat ga specif relev pipelin network pipelin owner defin quot specif ga pipelin adapt transport pressur enabl ga adapt transport specif usag ga network quot easi criteria fulfil view ga specif trade germani discuss lcv hcv ga fact lcv hcv ga sold germani distinct specif natur ga fulli homogen product natur practic tpa electr telecom tpa ga document submit parti quot main differ vv electr ga distinct agreement pipelin oper ga specif pressur differ start end point complic concret organis quot element durat transport agreement year start date year octob april note tpa contract includ winter peak utilis chanc pipelin run full capac addit express aim requir prevent develop spot market relev develop spot market unbal tradit system role wholesal transmiss compani endang spot market facilit direct contact end consum produc reduc margin wholesal consequ kind foreseen vv ga fourth element quot quot final vv ga provid access storag access qualiti adjust servic convers lcv hcv back parti point repli final agreement vv ga requir support end user german cartel offic german govern stakehold involv process parti fail understand commiss specul end result facilit tpa competit commiss make assess basi inform inform ga industri refer case base assess specul conclus commiss conclud german long distanc wholesal transmiss market constitut separ product market low calorif high calorif ga investig parti argu assess impact oper european ga market distinct made quot low calorif quot lcv quot high calorif quot hcv ga commiss agre parti lcv hcv ga part natur ga market commiss reach conclus basi demand side substitut word rel price increas lcv ga unprofit view fact consum relev area germani switch hcv ga distinct lcv hcv ga origin discoveri exploit massiv lcv groningen ga field netherland largest ga field europ largest world field meant start natur ga industri europ consumpt natur ga orient ga specif groningen field classif lcv ga broader spectrum groningen calorif base definit low calorif ga germani dvgw code practic ga qualiti lcv ga defin wobb index kwh specif groningen lcv ga impact total downstream quot ga column quot high pressur pipelin transmiss carri ga long distanc underground storag facil low pressur pipelin transmiss enabl ga suppli low pressur burner household instal ga consum final consum design run uniqu lcv hcv ga ga discoveri qualiti higher calorif ga inert nitrogen fact lcv ga found onshor field netherland northwest germani todai specif lcv ga column netherland northwest germani part belgium provinc antwerp limburg part franc nord pa de calai demand side substitut switch ga column lcv compat hcv compat rel perman price increas lcv ga speed ongo substitut parti provid chart illustr continu ongo substitut lcv ga consumpt hcv ga germani base industri statist indic absolut rel volum type ga hcv lcv coke oven ga background question investig reaction wholesal transmiss compani price increas lcv ga produc reaction wholesal transmiss compani influenc possibl switch hcv produc incent come possibl custom switch wholesal transmiss compani suppli cheaper hcv ga technic easi switch lcv pipelin network hcv main constraint wholesal transmiss compani chang infrastructur underground storag pose problem chang lcv ga storag hcv ga parti convers simpl straightforward winga convers take time typic storag cycl year relev facil costli view vari calorif content extract ga hcv ga inject lcv facil end storag cycl extract ga hcv qualiti wholesal transmiss compani knowledg quot blend ga quot ad lcv ga hcv ga obtain hcv ga lower calorif hcv ga rang vice versa achiev desir specif easi adjust ga extract storag facil convers period mean simpl blend lcv hcv specif imagin start add lcv ga extract ga lcv rang gradual add hcv ga bring hcv specif reduc cost convers consider basi inform commiss conclud face perman rel price increas lcv ga compar hcv ga technic restrict face german lcv storag owner stop switch rel price increas contribut acceler convers place sooner custom lcv ga suppli wholesal transmiss compani altern relev german area switch hcv suppli winga industri custom power gener switch market investig confirm switch cost industri custom power gener adjust burner low percentag annual ga bill econom feasibl import industri consum power gener specif dedic pipelin built link custom nearbi km hcv high pressur pipelin question hcv pipelin neighbourhood own compani interest lcv distribut case risk lose client wholesal transmiss compani make quot incumb quot lcv wholesal transmiss compani inclin undertak switch price increas produc make price increas wholesal transmiss compani unprofit regard industri demand ga distinct made nordrhein westfalen nrw lower saxoni nrw ga sale squar kilometr time higher lower saxoni number industri client squar kilometr time higher nrw winga quot wedal quot quot midal quot pipelin reach suffici number client make switch addit winga underground storag facil situat rehden nrw lower saxoni border enabl compani provid swing client nrw lower saxoni lower saxoni winga hcv high pressur pipelin network import area reach network hannov area scope make price increas unprofit remain specif dedic pipelin built winga high pressur hcv pipelin industri custom take time cost monei practic proven profit client agre exclus suppli arrang durat year incumb supplier lcv ga posit increas price prevail hcv price margin increment cost infrastructur agreement unusu industri cost addit pipelin offset profit proven winga experi region winga argu lower saxoni custom signific demand locat reason distanc high pressur hcv pipelin experi region appli winga consid distinct geograph market northern german lcv ga area commiss acknowledg switch cost low industri custom compani industri consum natur ga feedstock chemic process face cost eur million commiss awar client relev german area commiss conclud suffici number german lcv industri custom power gener possibl switch demand winga face perman price increas lcv ga contribut make price increas unprofit ldc switch ldc suppli household residenti custom requir supplier offer high swing switch supplier offer hcv high swing ga winga rehden storag facil area suppli swing remain distributor supplier absorb cost involv switch household cost estim eur household basi detail cost estim provid parti experienc quot household switch quot compani basi typic household consumpt mbtu year local distributor price eur mbtu typic household ga price eur mbtu price increas lcv ga suppli lcv wholesal transmiss compani reduc margin local distributor eur price increas reduc local distributor margin eur switch cost total recoup local distributor year typic durat suppli contract wholesal transmiss local distribut compani year price increas made unprofit ldc switch altern hcv ga supplier household switch hcv safe run lcv ga hcv enter local distribut grid consequ temporari margin loss effici switch take place summer month effici loss minimis argu switch lcv hcv ga ldc switch quot hcv island quot lcv area import secur suppli consequ custom winga consid main reason offer discount inform parti compar exist price level persuad fewer local distributor stadtwerk germani switch lcv hcv argument accept present situat perman rel price increas situat incent client switch end island situat anymor altern incumb wholesal transmiss compani custom increas incent incumb switch face price increas lcv ga rel hcv ga normal ration behaviour wholesal transmiss compani conclud substanti part custom possibl switch compet wholesal transmiss compani defend posit compani ensur offer cheaper hcv ga quot incumb quot wholesal transmiss compani speed switch conclus regard demand side substitut purpos procedur commiss conclud perman rel price increas lcv ga unprofit view fact sooner lcv ga chain convert hcv ga price increas speed convers altern relev german area form hcv suppli winga knowledg increas incent lcv wholesal transmiss compani switch consumpt area remain cost switch repres competit advantag transmiss compani offer prevail specif increas threshold chang supplier relev geograph market parti gener wholesal transmiss market nation distribut tradition organis larg nation basi nation region oper parti trend cross border purchas advent ga direct parti attempt increas post merger price individu member state defeat competit nation level increas cross border purchas wholesal transmiss compani local distribut compani power gener larg industri user ownership infrastructur organis larg nation basi condit parti access remain essenti fix nation basi commiss consid market remain futur nation netherland reason previou point commiss agre parti dutch wholesal transmiss market nation german long distanc wholesal transmiss market regard germani indic present market region region defin previou exist illeg demarc agreement ruhrga conclud beb thyssenga ownership long distanc high pressur transmiss pipelin fact demarc agreement illeg april agreement german client long distanc transmiss compani region territori conclud ruhrga annual suppli mcm construct pipelin demarc region relev view fear retali intern document confirm continu relev demarc region view fear retali definit region region consist quot thyssenga quot region western part northrhin westphalia belgian dutch border quot beb quot region hamburg schleswig holstein part bremen lower saxoni quot vng quot region mecklenburg vorpommern brandenburg part saxoni saxoni anhalt region ruhrga pipelin network quot ruhrga quot territori remaind quot alt bündesländer quot part saxoni saxoni anhalt servic short distanc wholesal transmiss compani jointli own ruhrga vng posit long distanc wholesal transmiss compani mobil quot region quot high pressur pipelin reach custom parti access agreement winga compet mean pipelin network territori short distanc wholesal compani reach pipelin network corridor km basi conclud competit condit countri equal respect long short distanc wholesal differenti price depend fact custom altern form suppli winga propos german industri tpa regim vv ga refer case influenc geograph set competit condit result descript vv ga product market section commiss vv ga make import ga competit incumb reason section regard built limit vv ga concept refer case ga industri gener difficulti assess capac fact minimum durat year winter peak account assess free capac pipelin difficulti result specif ga calor pressur limit scope servic offer commiss consid vv ga suffici prospect analysi point view market nation addit commiss take account case disput parti request tpa parti refus tpa procedur competit author court year quot preced quot case settl conclus basi commiss consid wholesal transmiss market germani region demarc line purpos present decis decid geograph definit long distanc wholesal transmiss market germani concentr lead strengthen collect domin posit long distanc wholesal transmiss market nation parti state repli market nation region ga price determin compet fuel region locat contradict inform obtain commiss market investig price differ basi client altern supplier ga ga competit parti state forward analysi account recent elimin demarc impend industri agreement negoti parti access remain uncertainti conclud final agreement lead nation market competit condit posit market particip dutch wholesal transmiss market relationship dutch ga produc gasuni exxon shell form jv call nederlands aardoli maatschappij nam object explor produc hydrocarbon netherland nam discoveri larg groningen ga field netherland govern organis dutch ga industri reflect groningen field strateg import netherland economi end netherland govern enter agreement exxon shell nam nam assign respons develop produc groningen concess account groningen partnership nam netherland govern ebn addit exxon shell netherland govern form compani call gasuni entrust market groningen ga netherland govern hold equiti interest gasuni direct ebn exxon shell hold final netherland govern enter privat law agreement gasuni gasuni seek govern approv commerci decis nam obtain product licenc dutch shore ga field roughli current product quot small quot field compar groningen parti concess produc benefit partnership ebn gener particip ga field sold gasuni addit futur discoveri nam sold gasuni consequ total nam account total dutch ga product view ebn equiti interest nam product nam account product net equiti basi ebn consist market equiti interest gasuni dutch produc oblig sell ga destin dutch market gasuni dutch produc sell export market price control govern gasuni oblig bui ga small field prior product financi condit fix start produc chosen offer ga gasuni appear gener netherland govern give approv price export contract dutch ga price gasuni quot net back quot price call quot norm inkoop prij quot nip norm bui price govern ensur receiv share quot ga cake quot nam own dutch underground storag facil deplet ga field leas gasuni facil oper bp amoco leas total gasuni gasuni offer underground storag facil netherland coupl deplet dutch ga field turn underground storag facil servic dutch market facil develop view risk involv risk relat requir invest fact gasuni lower tariff make invest unprofit note gasuni corpor govern structur gasuni own dutch state exxon shell decis major vote specif sharehold agreement exxon de jure control gasuni mean merger regul de facto control parti argu common interest exxon shell reason decid exxon de facto control gasuni mean merger regul gasuni ga sell posit dutch market gasuni domin dutch transmiss compani total sale gasuni explicitli recognis domin posit introduct tariff system gasuni quot plan ga sale quot gasuni suppli gasuni own exclus right dutch high pressur pipelin grid except line south netherland british ga import process blend facil underground liquid natur ga storag capac appear document gasuni face continu face competit document quot point support gasuni intern assess compani domin posit mobil posit dutch market mobil actual competitor parti share total market statoil norwegian joint negoti committe market norwegian ga estim market share mean suppli contract import power gener plant entrad trade compani dutch rdc pnem mega competitor market share result sale british ga industri consum power gener reach partli own zebra hcv pipelin south netherland tpa transport agreement gasuni suppli custom mobil posit netherland stem european ga sale strategi european strategi paragraph descript relev assess posit mobil german market mobil european ga sale strategi mobil netherland german long distanc wholesal transmiss market market particip product market definit section commiss reach conclus long distanc wholesal transmiss market separ product market entri depend goodwil incumb conclud entri mean infrastructur invest occur incumb compani purchas ga foreign produc transport custom mean high pressur pipelin network provid swing provid relat servic perform servic basi invest receiv part parti access ruhrga beb vng thyssenga winga import player market perform servic mean invest exxon activ player german market mean long stand jv shell beb exxon acknowledg joint control shell beb mean merger regul exxon activ relev market share thyssenga remaind share held shell rwe exxon acknowledg joint control rwe shell thyssenga mean merger regul ruhrga import german long distanc transmiss compani exxon beb mobil sharehold ruhrga beb sharehold account largest part vote right attach sharehold vote directli remaind part quot schubert pool quot ruhrga schubert pool account vote ruhrga member pool mobil share beb bpamoco preussag vote express block schubert pool rule stipul member vote right pool claim parti consequ rule current vote right beb schubert pool attribut post merger bpamoco preussag note schubert sharehold contract suppli proven domest reserv addit ruhrga suppli rg transport ruhrga formal control quot bergemann pool quot sharehold pool repres vote pool group sharehold bpamoco vote held group german coal steel produc activ electr product distribut complic rule prevent ruhrga control multin oil ga group view sharehold agreement beb ruhrga vote requir question quot essenti beb quot beb veto question essenti parti claus invok absenc de jure control oil compani de facto influenc ruhrga verbundnetz ga vng long distanc wholesal transmiss compani activ german länder found privatis german unif current sharehold ruhrga wintershal local commun beb addit statoil erdöl erdga gommern preussenelektra gazprom hold vng sharehold except local commun ga produc long distanc wholesal transmiss compani winga jv wintershal basf subsidiari gazprom ew de facto short distanc wholesal transmiss compani busi sell import produc ga compani oper high pressur grid long short distanc wholesal transmiss compani import directli gasuni substanti part ga sale high pressur lcv pipelin consid long distanc wholesal transmiss compani market posit local beb market share northern germani schleswig holstein hamburg bremen lower saxoni quot northern germani quot region larger beb demarc region compris part bremen lower saxoni remaind quot ruhrga territori quot ruhrga conclud turn demarc agreement erdga münster result beb market share demarc region excess rg strategi paper octob consequ gtgc maintain share area precis data fact rg account suppli short distanc wholesal transmiss compani oper area proxi market share vng parti repli articl request market share tg parti german market sale data section refer total ga import germani account billion cubic metr bcm beb produc half german ga account bcm product purchas bcm gasuni gazprom dong danish state oil ga compani gfu norwegian ga sale entiti small share german produc thyssenga import bcm mobil import bcm dutch equiti product norwai mobil german ga produc german product account bcm ruhrga import bcm netherland norwai denmark russia purchas bcm german produc ga vng import bcm winga import bcm ew import ga gasuni volum account bcm abovement import figur give long distanc wholesal transmiss compani market share rg beb vng winga tg mobil ew mobil german strategi mobil european strategi paper posit germani competit assess dutch wholesal transmiss market parti gasuni acknowledg intern document gasuni domin remain basi document section posit parti market conclud gasuni domin remain current market share remain level year competit pressur actual competitor remain limit mobil actual competitor statoil entrad statoil quot polici dutch german ga wholesal distribut market short characteris wait approach quot quot direct sale quot statoil eem plant sale contract directli statoil basi commiss consid statoil consid competitor remain activ market actual competitor entrad entrad contract entrad sale potenti pipelin exhaust potenti increas sale tpa gasuni limit mobil annual ga sale contract british origin remaind mobil north friesland concess anjum contract mobil uncommit high swing product potenti competit parti refer proxim exist zeebrugg lng termin spare capac connect pipelin make entri lng netherland repli sonatrach algerian ga compani enter dutch market parti provid data exist spare capac zeebrugg termin connect pipelin lng ga suppli expens cost ct hfl pipelin suppli indic vertic integr sonatrach european ga market potenti entri sonatrach netherland consid parti recent tpa agreement gazprom secur ruhrga facilit entri gazprom dutch market agreement facilit entri make entri repli parti potenti relief parallel sale agreement direct market gazprom exist gasuni custom custom statoil entrad mobil repres market gasuni exist custom protect substanti repli parti larg continent wholesal transmiss compani possess ga point dutch border distrigaz thyssenga winga snam gaz de franc beb ruhrga suppli potenti sold dutch market parallel sale agreement exist gasuni compani sale dutch market true compani possess ga point dutch border winga purchas ga gasuni contract compani sell gasuni ga netherland access nearbi ga sourc sell netherland compani quot attack quot supplier view risk retali gasuni exclud compani compani enter dutch market commiss conclud scope develop potenti competit minim gasuni expect lose market share estim made full knowledg tpa tariff structur netherland govern liberalis plan regard gasuni tariff commiss recognis servic oper ga busi netherland includ tariff scope tariff contrast limit quot pipelin transport quot approach german ga industri ongo vv ga tariff make entri tariff base custom altern cost provid servic calcul gasuni replac cost infrastructur commiss recognis tariff pass gasuni economi scale custom mobil uniqu posit parti argu mobil uniqu strength compet dutch market entrant replic exce mobil dutch market posit parti dutch produc uncommit reserv market option export sell trader dutch end user rdc gasuni whilst true note current reserv commit gasuni part reserv mobil mobil bcm proven reserv netherland bcm commit addit mobil bcm probabl reserv make mobil quot uniqu quot addit refer made mobil strategi merger elimin mobil competitor merger mobil exxon normal circumst lead greatli diminish incent mobil compet gasuni exxon import lucr stake gasuni suffer lower return result price competit ventur view contractu arrang gasuni found mobil allow continu compet gasuni exxon agreement shell netherland govern requir sale exxon dutch ga gasuni exxon requir agreement shell netherland govern prior compet directli gasuni assum netherland govern give agreement mobil compet gasuni view govern support liberalis ga market econom interest shell give agreement view enorm profit loss gasuni result price competit concentr effect quot activ quot actual competitor gasuni elimin market commiss consid concentr strengthen domin posit gasuni result effect competit significantli imped dutch ga wholesal transmiss market repli parti gasuni market conduct alter mobil presenc competitor chang mobil exxon merg ga price fix refer altern fuel servic price compar servic provid europ reason accept tantamount indic competit ga industri irrelev true basi intern document gasuni merger regul appli strengthen domin posit held parti concentr note articl merger regul state concentr creat strengthen domin posit declar incompat common market articl term limit prohibit oper give rise creation reinforc domin posit part parti concentr recit preambl regul reason court justic kali und salz judgment court instanc gencor lend indirect confirm conclus commiss acknowledg support indirect case deal oligopolist domin posit court point kali und salz judgment confirm gener term domin posit creat strengthen parti concentr quot concentr creat strengthen domin posit parti concentr entiti involv concentr liabl prove incompat system undistort competit laid treati accept concentr creat strengthen domin posit part parti concentr cover regul purpos abovement recit partial frustrat regul depriv insignific aspect effect perspect gener structur commun system control concentr quot commiss consid creation reinforc domin posit parti exclud scope applic articl merger regul addit born mind gasuni jv parti concentr substanti interest repli parti preced applic articl correct irrelev addit parti claim appli merger regul case european nation antitrust author mean dispos curb abus domin posit parti merger regul structur control quot allow creation strengthen domin posit quot abus control system long distanc wholesal transmiss market germani uncompetit german ga market geograph product market section wai approach long distanc wholesal transmiss activ germani conclud market region region defin line quot demarc region quot market nation commiss examin long distanc wholesal transmiss market approach consid consequ notifi oper exist singl region market collect nation market domin posit strengthen barrier entri high german long distanc wholesal transmiss market relev product market section barrier result sunk cost invest natur import capit expenditur long distanc wholesal transmiss infrastructur long term pai contract produc long distanc wholesal transmiss compani parallel sale claus contract long term agreement long distanc wholesal transmiss compani client make industri stabl germani stabil regul privat arrang demarc agreement section basi propos german industri tpa regim refer case vv ga basi tpa posit long distanc wholesal transmiss compani challeng suppli concentr rg beb tg vng account ga import germani make suppli concentr document cite geograph market section region market show common fear retali stabl relationship compani continu link market player limit incent compet ruhrga beb thyssenga long distanc wholesal transmiss compani prior merger form equiti link beb thyssenga jointli control exxon shell beb mobil sharehold ruhrga ruhrga beb sharehold winga gazprom wintershal sharehold vng result link winga compani strong beb thyssenga ruhrga ruhrga beb thyssenga bui common substanti part german origin ga rg beb tg result symmetri cost quot border level quot addit compani transport substanti part ga pipelin common ownership insight part cost transpar market final market transpar long distanc wholesal transmiss compani immedi client chang supplier immedi supplier incent compet long distanc wholesal compani market particip winga interest enter region market particip vng expect endeavour view minor equiti interest ruhrga beb vng short distanc wholesal transmiss jv rg vng quot quot bundesländ fact vng high pressur pipelin storag facil core territori quot quot bundesländ sharehold interest compani challeng rg beb area tg area risk retali sharehold prefer compani return dividend core busi quot quot bundesländ ew potenti increas share import sale quot em weser quot part sale area substitut purchas gasuni purchas beb sale ew quot em weser quot sale area make compani vulner retali beb rg vulner retali beb rg beb rg retali ew ew expand posit long distanc wholesal transmiss market bui ga gasuni sale quot em weser quot area limit abil winga increas market share winga view histor posit outspoken challeng member oligopoli compani bring ga ga competit germani build expand high pressur hcv pipelin grid conclud demarc agreement ruhrga beb thyssenga commiss investig result number element support conclus winga posit challeng oligopoli compani announc basi current invest reach market share parti market contract close target basi intern document parti clear market attain stabilis winga establish instanc cooper rg led rg take particip gazprom conclus long term pai contract mean rg oblig purchas german natur ga demand gazprom gazprom prepar suppli part agreement rg discharg purchas oblig gazprom gazexport sell ga germani competit ruhrga winga sharehold major ga supplier gazprom agre main competitor ruhrga limit growth winga commiss conclud futur potenti winga attack incumb limit indic uncompetit condit refer made import roce german wholesal transmiss compani vng return minim profit regard vng note due enorm invest make german unif current sharehold interest show low compani decreas risk bv treuhandanstalt high retroact payment court decis price final consum germani weight averag higher unit kingdom netherland belgium bit lower itali franc expens market period german price commerci custom firm interrupt industri custom continu highest countri conclus valid price tax singl domin demarc region section relev market particip ruhrga beb thyssenga vng estim market share respect region excess demarc agreement longer valid substanti protect territori place quot tradit quot long distanc wholesal compani view common purchas import ga clear arrang compani part common import ga compani quot attack quot share import ga territori quot parallel sale letter quot mean letter sale parti territori deduct purchas oblig quot attack quot parti vi vi attack parti thirdli fear retali basi ruhrga beb thyssenga vng consid domin posit region oligopolist domin market growth expect remain steadi year parti result growth suppli gap onward market growth consid moder price elast ga demand limit price inelast numer indic file quot price war quot destroi margin produc wholesal transmiss compani section quot demarc region relev view fear retali quot awar act light uncompetit natur market discuss limit growth market limit sensit demand price movement commiss consid pre merger oligopolist domin posit ruhrga beb thyssenga german long distanc wholesal transmiss market illustr exist collect domin posit basf largest user natur ga germani consid invest pipelin network access cheaper ga leverag demand creat winga result merger mobil uniqu protagonist liberalis german ga market mobil hold market share signific underestim competit potenti german market mobil atyp situat germani mobil produc substanti part german ga account german ga consumpt mobil equiti interest erdga münster ruhrga supervisori board member part german ga establish reason mobil import ga high pressur pipelin network mean tpa beb close partner german product potenti mobil bring competit german market liberalis complet disappear unlik mobil individu merg entiti lose win liberalis individu compani exxon mobil reinforc equiti link exxon shell ruhrga consequ merger equiti link exxon mobil shell ruhrga reinforc parti argu basi formal corpor govern structur ruhrga increas combin entiti impact ruhrga decreas exxon shell interest european ga product ga wholes netherland germani held common econom interest parallel distinct philosophi exxon shell regard element wholesal transmiss busi instanc regard discuss gasuni futur role provid sound basi common interest impli merger bp convinc align common exxon shell interest compar bp mobil merger substanti increas scope merg entiti increas de facto influenc ruhrga abstract made possibl merg entiti increas influenc ruhrga reinforc equiti link compani market increas possibl market power order level concentr market pre merger impact merger commiss estim hhi indic account exist cross sharehold player market calcul base work bresnahan salop assumpt made beb identifi owner exxon shell assumpt hhi rise point increas level concentr sign scope materi increas market power control erdga münster potenti competitor consequ merger beb mobil control corpor govern structur egm mobil interest pre merger maintain possibl develop short distanc wholesal transmiss compani depend wholesal transmiss servic long distanc wholesal transmiss compani potenti competitor futur liberalis market environ abil potenti competitor suppress post merger establish formal control egm unlik mobil individu merg entiti lose win liberalis individu compani exxon mobil conclus conclud concentr strengthen individu domin posit ruhrga beb thyssenga region collect domin posit ruhrga beb thyssenga german long distanc wholesal transmiss market result effect competit significantli imped market repli parti basi mobil mere maket share fact beb thyssenga entiti control parti market share notifi oper imped significantli imped competit market definit parti argu merger regul establish prong test principl accept commiss confirm commun court relev market result concentr result current posit mobil long distanc wholesal transmiss market mobil potenti reinforc equiti link incumb express hhi calcul underground storag relev product market underground storag facil kei facil provis quot swing quot relev ga demand local distribut compani commiss agre parti form separ product market relev geograph market type storag facil pore versu cavern lcv hcv discuss previous econom radiu pore storag kilometr cavern econom distanc end user limit kilometr delin distinct relev geograph market pore storag facil south germani area munich underground storag facil servic south germani moment pore underground storag facil locat close munich addit take account km radiu pore storag facil eschenfelden cover entir region munich facil serv south germani substanti part common market tabl overview facil storag volum maximum withdraw rate indic ownership interest gt tabl gt capac rg benefici interest ownership leas storag volum daili withdraw potenti parti interest deplet bavarian reservoir assum suitabl convers underground storag facil serv munich region parti deplet reservoir interest convert storag facil work ga volum mcm concess holder interest parti potenti reservoir mcm doubt express regard suitabl field involv hand deplet reservoir parti interest parti potenti mcm work ga volum addit parti interest individu field highest potenti work ga volum consequ concentr opportun munich area evalu take account equiti ownership beb mobil ruhrga exxon mobil start compet area competitor ruhrga opportun develop addit storag conclud barrier entri potenti competitor market swing capac south germani increas consequ concentr concentr strengthen domin posit ruhrga market swing capac south germani munich area compendium abbrevi natur ga beb german ga product long distanc wholesal transmiss jv exxon shell bcm billion cubic metr dvgw deutscher verein de ga und wasserfach german industri associ decid technic issu ga ebn energi beheer nederland netherland state oil ga compani egm erdga münster gtgc ga ga competit hcv high calorif kwh kilowatt hour lcv low calorif ldc local distribut compani lng liquifi natur ga mbtu million british term unit mcm million cubic metr nam nederlands aardoli maatschappij dutch exxon shell ga product jv nrw north rhine wetphalia rg ruhrga sw stadtwerk german ldc tg thyssenga tpa parti access vng eastern german long distanc wholesal transmiss compani vv ga verbändevereinbarung ga negot german industri feder set basi liberalis market base oil addit lubric introduct lubric industri involv product vertic relationship base oil chemic addit lubric base oil blend chemic addit produc lubric basi market investig commiss opinion merger lead creation domin posit held exxon bp mobil eea market base oil descript function market base oil end product crude oil refin base oil formul lubric gener miner oil produc oil refin residu crude oil left separ major oil product minor part base oil market result chemic process call ester pao polyalfaolefin base oil perform capabl due chemic physic composit result crude feedstock refineri process base oil classifi basi inher characterist independ bodi api acea atiel defin standard qualiti base oil close monitor characterist individu base oil defin viscos viscos index vi volatil number subsidiari specif point viscos measur fluid resist flow high speed low temperatur low pressur condit call low viscos oil low speed high temperatur high pressur condit call high viscos oil viscos express grade understand commiss refer low viscos base oil call quot light neutral quot ln high viscos base oil call quot heavi neutral quot hn quot solvent bright stock quot sb viscos index import characterist lubric product measur flowabl definit temperatur lubric chang viscos temperatur lubric thinner temperatur increas viscos vari rate depend base oil rate chang measur quot viscos index quot specif base oil quot vi quot higher vi oil lower tendenc chang viscos temperatur engin oil crucial ensur effici lubric base oil classifi viscos index term lvi mvi hvi vhvi xhvi market term recognis exxon mobil wide industri tabl definit term document gt tabl gt volatil import factor engin oil consumpt rate volatil petroleum liquid higher consumpt rate volatil relat shape distil curv measur noack pour point lowest temperatur oil pour import engin oil lubric low temperatur pour point directli relat type crude process classif depend perform base oil classifi categori rang convent base oil viscos index accept level impur group base oil viscos index greater group iii pao group iv synthet lubric high viscos index group includ base oil naphthen high qualiti ester base oil crude feedstock base oil categoris type crude paraffin crude naphthen crude mix crude paraffin crude commonli base oil naphten crude superior characterist applic parti state produc naphthen base oil world assess limit paraffin base oil select crude slate impact product capac base oil refineri differ crude suitabl base oil product crude concentr base oil molecul eas extract crude arab light consid excel qualiti crude base oil product unlik instanc west african crude base oil refineri integr fuel refineri share common facil chosen crude slate determin econom analysi entir product slate refineri base oil plant locat crude fuel refineri determin extent base oil product level vice versa addit addit chemic compound base oil oil perform specif lubric job lubric specif addit depend applic base oil addit split categori deterg inhibitor packag quot di packag quot viscos index improv quot vi improv quot automot lubric applic vi improv di packag note addit base oil support di packag serv suspend oil contamin combust product prevent oxid oil result format varnish sludg deposit di packag typic includ approxim individu addit compon import deterg dispers corros inhibitor antioxid combin compon proport vari end specif finish lubric vi improv modifi viscometr characterist lubric reduc rate thin increas temperatur rate thicken low temperatur vi improv provid enhanc perform low high temperatur consid synthet oil thicken inact lower temperatur react heat counteract natur tendenc base oil thin higher temperatur multigrad engin lubric vi improv addit market concentr lead supplier hold world market lubrizol market leader account market infineum joint ventur combin addit interest exxon shell take place ethyl oronit own chevron lubric lubric main function reduc friction wear move part lubric gener type applic automot vehicl automot lubric industri applic industri lubric ship marin lubric jet engin jet lubric finish lubric produc lubric blender blend chemic addit base oil obtain properti requir roughli lubric consumpt automot applic industri applic includ signific part quot process oil quot marin jet engin applic account remaind jet lubric dealt section automot lubric industri lubric automot lubric includ passeng commerci engin car motor oil automot transmiss fluid brake oil automot gear oil industri lubric includ industri gear oil metal work fluid turbin oil transform oil compressor oil hydraul fluid process oil aromat extract compon product inter alia tyre industri oil specif characterist provid addit develop lubric develop lubric involv interact categori actor base oil produc addit produc lubric blender qualiti standard entiti anorigin equip manufactur oem automot manufactur industri end custom lubric develop step custom defin product specif lubric blender choos supplier addit produc give special characterist lubric step lubric blender oem end custom identifi perform requir lubric meet step lubric blender addit produc addit supplier develop addit packag select base oil capabl give lubric requir properti addit supplier initi ensur addit packag work base oil knowledg cooper blender finish lubric blender base oil combin addit packag reli base oil addit supplier formul addit packag addit packag lubric requir specif lowest cost blend compos test order prove perform industri recognis test program addit supplier test financ lubric manufactur addit manufactur depend initi develop commerci agreement parti addit produc tend develop gener addit packag quot shelf packag quot suitabl blend number base oil case invest meet requir specif quot shelf packag quot made addit supplier invest depend exist quot cover quot mean number base oil supplier effect base oil supplier finish lubric document quot cover quot exist quot interchang programm quot undertaken lead document base oil read addit supplier lubric blender cost quot shelf packag quot significantli higher cost base oil specif addit packag gener addit packag design work quot weakest quot base oil respect perform bench test base oil conflict appetit weakest test word base oil treat addit order equal set perform requir qualiti requir industri marin lubric industri marin lubric approv result commerci trial meet standard quot product specif quot product properti requir instanc iso din perform accredit process quot hous quot oppos automot lubric base oil addit combin import industri custom bui product base perform reput protect base oil switch requir valid test number kei product critic perform paramet industri test verifi addit behav differ chang base oil time consum hour oxid test prevent rapid base oil switch addit supplier accredit process industri marin lubric year complet typic last month accredit cost typic fall rang usd usd accredit standard set accredit system automot lubric european standard set system automot lubric accord promin role oem demand product origin individu custom mean expertis make lubric bui role fill acea repres interest european manufactur car truck decemb acea introduc classif system consist sequenc defin engin oil qualiti european automot servic fill applic system base schedul physic chemic engin test similar unit state america set api american petroleum institut system consist code practic develop atc technic committe petroleum addit manufactur europ atiel associ techniqu de industri européenn de lubrifi defin process develop test report perform data atiel atc regul condit lubric addit supplier chang constitu lubric addit packag continu emploi previou test data make perform claim atiel group lubric supplier pan region nation integr establish nomenclatur identifi lubric met acea standard regul code practic condit lubric blender alter lubric constitu chang vi improv base oil claim satisfi perform standard lubric test atc establish code practic govern test satisfi lubric make perform claim mean regist conduct test share test data acea api accredit grant blend specif base oil specif addit packag seri test approv explicitli compon blend lubric base oil specif manufactur identifi addit packag lock accredit formul accredit valid base oil specif produc base oil compar qualiti produc acea api perform claim support formul combin base oil addit packag lubric blender wish switch compon compon base oil addit formul test rule set api acea addit supplier accredit process month year complet typic last month accredit cost rang usd million accredit typic fall rang usd usd accredit separ accredit need acea api exact scope invest time monei depend factor includ perform level previou test histori degre chang requir eas switch depend extent supplier base oil addit gain accredit prefer base oil addit quot cover quot exist cost complet quot interchang programm quot usd simpl base oil read programm usd complex test protocol relat infrequ trade base oil assum base oil addit combin technic capabl achiev desir perform event lubric blender forc chang base oil infrequ trade base oil fuller fundament programm test cost usd usd million process month longer oem adopt acea api specif minimum standard lubric individu oem merced benz automot volvo truck lubric impos stringent limit requir extra test perform paramet certif specif equip achiev oem approv requir addit test test bench field trial trigger addit invest time monei oem retain degre freedom flexibl approv product includ area base stock interchang addit compani provid servic obtain oem approv oem requir test perform independ bodi lubric blender store base oil lubric acea api accredit separ base oil accredit order economis storag capac increas bui power vi vi base oil supplier blender differenti lubric applic case tend base stock lubric acea api accredit automot industri applic market definit product market base oil parti base oil homogen product form singl relev product market applic group explain applic lubric applic requir base oil vari characterist argu relev product market specif requir high level suppli side substitut refineri produc qualiti base oil group final group group iii iv base oil belong relev product market demand side substitut distinct automot industri applic list show technic requir base oil applic lubric blender base oil automot crankcas lubric group hvi group ii europ group iii vhvi xhvi group iv synthet base stock group automot gear transmiss oil group mvi hvi group iii iv industri lubric marin lubric group lvi hvi hvi group ii addit manufactur group lvi hvi group iii xhvi export wax process oil group lvi mvi hvi white oil group iii jet engin lubric industri lubric group iv synthet base stock group list group base oil automot applic industri applic number except notabl lvi grade rubber process oil refriger oil greas metalwork fluid shock absorb addit result market investig minor qualiti price differ group base oil industri applic automot applic suppli differenti suppli side substitut group base oil viscos index europ base oil hvi level viscos index base oil fungibl product type lubric specif perform level determin viscos index vi base oil competitor quot hvi oil viscos low volatil vi form import subgroup automot applic quot segreg maintain base oil user facil maintain accredit product statu refin obtain group base oil higher viscos index solvent extract sever process suppli substitut reduc yield effect product capac base oil plant throughput reduct substanti impact base oil product capac depend crude hardwar configur refineri sever process lead obtain high vi typic group iii base oil addit addit finish lubric formul compens low base oil vi output term vi depend refineri configur lubric feedstock viscos characterist group base oil obtain normal solvent extract separ process divid categori basi viscos low viscos light base oil high viscos heavier base oil brightstock lighter base oil prefer area moder climat driven automot engin oil requir low viscos base stock give perform properti emiss control fuel consumpt demand eea north america predominantli higher viscos grade warmer climat exxon shell bp mobil total elf instanc export signific volum affili africa asia latin america degre differ base oil demand north europ lighter base oil south europ heavier base oil parti argu rel volum split light heavi neutral vari substanti depend crude qualiti distil capac demand requir hardwar limit degre suppli substitut product side market investig shown degre specif feedstock assur limit output light grade base stock group base oil substitut group iii group iv base oil signific price differ group base stock group iii cost time group hvi addit group iii base oil produc refin hardwar refineri tankag alloc group iii base oil prevent commingl group base oil produc feedstock group base oil produc crude crude fraction reduc crude vacuum ga oil residu group iii base oil produc bottom stream hydrocrack hydrocrack residu fuel refineri group iv polyalfaoleofin pao result chemic process base oil belong group iii group iv blend high ad lubric blend lower viscos index base oil order obtain finish lubric increas properti hvi blend finish lubric synthet base stock group iii equival expens blend purchas group iii base oil market similarli refin chang qualiti crude refin output order alter qualiti product base oil specif group extent properti higher group obtain final addit amount addit blend base stock order improv properti europ base oil group group iii qualiti account market investig group iii grow year year group declin year demand group declin due evolut engin technolog higher requir oem fuel consumpt perform oil drain interv rigid emiss legisl basi group iii group iv consid belong product market group base oil econom drive maximis group base oil meet lubric requir balanc base oil addit base cost consider choic group iii iv finish lubric formula made specif properti vi compens higher cost meet requir perform delin group iii iv separ product market group ii eea addit commiss infineum jv decis quot vi improv di packag automot applic di packag industri applic separ market quot parti identifi affect market relat di packag automot lubric di packag engin transmiss applic result investig suggest demand side point view product constitut product market market depend applic mobil repres addit product delin product market di packag engin transmiss applic lubric notifi oper give rise competit concern lubric market aviat lubric definit relev product market left open relev geograph market base oil parti opinion market base oil eea wide worldwid parti base content consider type base oil sold world base oil ship econom long distanc signific trade eea thirdli base oil price gross margin present correl content resist closer examin market eea wide base oil price margin region world eea form distinct relev geograph market fob price consist eea asia exxon iabp price singapor usa averag greater eea price sn singapor sn usa differ greater take account transport cost parti explain transport sicili middl east cost usd tonn take estim transport cost asia eea intra eea transport cost land price leav exxon singapor price higher level eea price price singapor level make import eea profit eea price hypothet increas price result crisi south east asia remain last basi level import element fact export price eea typic lower price charg eea parti estim differ averag level usd tonn current eea price roughli equival freight cost show arbitrag eea area world except circumst asian crisi underlin fact trade activ europ histor base oil produc largest excess capac product swing produc export europ asia africa east latin america import past countri heavier base oil product capac plan announc emerg countri group ii iii capac exxon mobil shell project previous net import european base oil eea surplu product compos heavi grade limit demand eea suffici demand eea heavi grade instanc solvent neutral dump spot export market surplu product light grade instanc solvent neutral sold eea market export predominantli heavi grade basi figur provid import competitor exxon bp mobil breakdown viscos grade light neutral medium neutral heavi neutral heavi grade process oil exxon explain manag document eea price increas rel singapor price import eea compet readili eea product lubric formul bound base oil interchang rule acea api major invest made obtain accredit infrequ trade base stock market investig major addit compani invest accredit program import base stock compani exxon mobil shell base oil interchang rule issu solv costli month effect acea accredit api transport handl cost case ad final note contrari parti assert real spot market base oil europ materi liquid trader question respond import base stock volum eea past year trader plai small role intermediari export busi competitor merg parti repsol kt trader export import eea discuss conclud product sale group base oil eea form relev market notabl due current specif european consumpt profil qualiti requir addit parti argu relev geograph market eea determin market eea wider alter competit assess transact market definit left open lubric lubric market except ester base turbin lubric discuss geograph scope left open basi market definit concentr creat strengthen domin posit significantli imped competit competit assess base oil current market structur market posit base oil tier competit produc base oil divid group pan region compani integr oil compani base oil refineri worldwid strong eea presenc product exce shell exxon bp mobil ii region compani nation base oil offer product exce intern cepsa repsol agip fortum elf total kpi petrog dea iii produc infrequ trade base oil iplom moh sr base oil lower qualiti destin export high volum industri lubric process oil major addit supplier undertaken accredit base oil iv unconvent base oil produc nyna naphthen base stock special industri lubric fortum previous nest produc pao exxon suppli base oil eea plant locat fawlei unit kingdom port jérôme franc augusta itali bp mobil plant locat franc gravenchon dunkirk includ particip elf unit kingdom coryton germani neuhof spain oper cepsa base oil plant algecira shell plant netherland perni franc petit couronn germani hamburg unit kingdom stanlow exxon bp mobil shell control base oil refineri europ largest order calcul volum eea market group base oil parti market share commiss element consider market share calcul methodolog basi namepl capac propos parti basi effect product thirdli basi group product namepl capac effect product figur base data provid exxon mobil base oil competitor parti respect plant parti present request figur case moh sr minor extent agip commiss data present parti form parti request provid data effect capac product sale confidenti rang percentag retain tabl base oil product capac tabl compar effect capac output enerfin namepl capac provid parti eea product capac gt tabl gt process oil consid base oil aromat parrafin white oil greas includ base oil sale product refin white oil paraffin wax depend raw materi output competit advantag economi scale lead larg market share product result step refineri process base oil product base oil product assess parti competit posit link base oil market share base sale parti merchant market sale defin sale parti insid eea includ spot market sale sale affili consid captiv sale sale client eea calcul reflect parti posit export redirect satisfi eea demand sale addit compani consid merchant market sale case agip addit sale shell exxon addit activ prior jv gt tabl gt exxon abil sell merchant market due invest base oil capac extrem import product merchant market bp mobil capac merchant market basi sale figur calcul exxon signific share merchant market bp mobil take place shell stake close bp mobil half volum shell merchant market sold process oil total agip market share smaller competitor dea cepsa repsol kpi petrog sr petrog moh merchant market elf consid net buyer market final stress market share materi vari past year appear methodolog chosen exxon clear market leader base oil market term absolut product term product parti main competitor exxon bp mobil shell sell smaller proport output parti barrier entri exit parti capac eea current overcapac depress price capac instal group iii capac increas demand expect futur parti estim construct plant group ii iii requir usd million kt year capac parti confirm indic construct plant year involv invest usd million kt year plant convert exist group capac group iii feasibl requir invest usd compar usd grassroot invest close refineri entail signific cost notabl rehabilit land base oil refineri close past year llandarci bp mobil uk namepl capac kty addinol kty east germani dea base oil plant germani base oil refineri produc heavier grade base oil therefor hit drop export price signific cost refin decis close break point close reach base oil plant industri close futur low product privileg role exxon bp mobil shell limit constraint exercis smaller base oil produc base oil interchang refineri limit accredit constraint api acea accredit finish lubric blend base oil addit pass test accredit precis defin produc base oil accredit base oil plant specif addit packag origin compon chang accredit group interchang accept test requir consequ pan region base oil supplier invest obtain interchang base oil product plant pass accredit base oil addit packag product unit multipl storag unit geograph coverag posit suppli blend plant region base oil produc geograph product spread face higher transport cost refineri custom premis bui base oil market close custom blender order avoid higher transport cost pass accredit base oil bought market competitor exxon mobil base oil lubric blend blend plant sensit certainti continu suppli qualiti base oil stock plant limit suppli small volum singl base oil plant pan region network blend plant regular interv impos signific cost largest nation integr base oil compani suffici merchant market capac advantag deriv plant economi scale parti acknowledg economi scale plai role product group base oil exxon bp mobil shell control base oil refineri europ largest bring cost advantag smaller competitor spread fix cost product agip itali total franc plant compar size benefit compar economi scale mobil busi plan shell consid parti effici profit integr fuel lubric view busi profit wax greas white oil tabl rank base oil plant dimens gt tabl gt addit benefit deriv dimens larg plant optimis crude intak free product capac creat import optimis product process offer flexibl import produc base stock categori advantag deriv economi logist previous exxon bp mobil shell multipl refineri eea europ wide spread support storag capac strateg place europ contrast smaller nation produc refineri easi econom organis distribut potenti custom locat close product case landlock refineri sr dea suppli local custom truck train mean transport limit maximum distanc econom viabl transport product impos addit transport cost competitor transport land limit radiu km truck km train transport cost compar due limit volum truck train transport vari sale price product singl refineri base sea face higher averag transport cost parti estim averag eea transport cost land price explain eea transport cost compris unit kingdom netherland itali netherland variabl cost assum fix cost remain constant journei mean cost transport itali netherland higher unit kingdom netherland word transport cost unit kingdom netherland land price product transport itali geograph spread coastal locat connect blend plant determin competit posit base oil refineri abil compet eea merchant market oppos local eea export market dynam base oil market reinforc exxon bp mobil shell advantag abil set standard futur lubric develop obtain accredit blend base oil addit size reinforc competit advantag base oil market basi market inform addit packag lubric formul typic develop exxon bp mobil shell base oil major european automot addit supplier formul addit packag base oil select lubric blender gener independ blender select exxon bp mobil shell base stock nation integr oil compani blend activ select intern produc base stock addit produc independ invest addit accredit major trade base oil princip exxon shell bp mobil base oil addit accredit invest outweigh opportun secur extra sale base oil exxon bp mobil shell tend accredit ad hoc manner meet custom demand appear technic commerci viabl addit supplier averag half addit sale made quot shelv packag quot commiss ask main addit supplier base oil develop duli accredit quot shelf di packag quot industri automot lubric purpos averag packag formul basi exxon bp mobil shell base stock compani total elf minor extent agip kpi accredit multipl addit supplier exxon bp mobil shell refer base oil supplier smaller base oil supplier compat addit supplier confirm tend propos develop formul automot applic base stock big expect gener sale base oil readili pan region market volum constant qualiti finish product compos exxon bp mobil shell base oil rapidli adapt standard base oil interchang ensur product purchas close blend plant impos addit accredit multi region blender opt purchas base oil local produc multipl test accredit requir obtain finish lubric accredit make attract addit supplier parti blender base oil produc inher advantag base oil produc exxon shell bp mobil paramount import industri wit recent year shorten product life lubric todai rang year automot lubric oem qualif requir sever lubric manufactur constantli develop formul shorter time develop product amortis cost lubric blender tend turn major base oil produc addit manufactur systemat develop adequ packag addit supplier develop formul exxon bp mobil shell base oil base oil gener sale recoup invest made oem collabor oil compani steer gener lubric competitor lubric blender oem tend discuss requir exxon bp mobil lesser extent shell principl stop shop global player presenc level suppli chain competitor limit abil compet exxon bp mobil shell restrain ongo shorten product life lubric industri lubric blend equal affect trend blender minimis storag divers base oil addit lubric blender subscrib high qualiti standard store base oil supplier base oil tank base oil similar specif due limit storag blender quot complianc base oil quot automot industri lubric applic base oil market driven higher qualiti requir blend plant logist add cost switch base oil blend plant optimis number storag tank need base oil addit minimum larg blend plant store grade base oil quot complianc base oil quot complianc base oil lock specif wide rang product mean base oil top tier product lower tier product chang formul top tier product lead wide span formul cost driven choic top tier base oil altern purchas tankag capac carri greater stock expens specialis product automot lubric industri lubric parti recent grow trend claim separ base oil product market industri automot lubric fact base oil addit combin lock accredit affect blender addit relationship lubric blend compani typic deal addit supplier basi basket addit purchas blender lubric formul switch base oil supplier addit supplier agre joint develop programm understand absent oil compani forc shop base oil addit combin fulli accredit reduc bui power vi vi addit produc virtual brand automot product approv standard industri specif api acea tightli manag document test regim achiev minimum perform standard qualifi allow product applic choic approv product channel custom end user oem major oil compani liais oem contribut strateg think direct technic develop specif custom requir oem specif prevent sale lubric brand specif compli pan region competitor exxon shell bp mobil increasingli adopt singl pan european product rang automot mainten lubric lubric blender afford competit posit endang launch product formul delai time need acquir extens test document frequent trade base oil addit supplier choic initi product formul gener opt exxon bp mobil shell base oil base oil interchang finish lubric accredit limit frequenc basestock supplier lubric formul degre custom switch provid parti nation base oil produc compet local blender automot industri specialist industri blender addit supplier occasion win contract fill major blender home market exxon minor extent bp mobil focus term contract pan region blender oem fill exxon bp mobil lost number small blender client competitor total elf kpi shell basi qualiti basi price case win competitor product capac close client impli exxon bp mobil compet price number case lost custom recuper year exxon bp mobil lose compet petrog repsol cepsa kpi total elf small amount eastern european base oil note parti quot additiv low qualiti base oil quot addit supplier bui volum addit exxon shell bp mobil term contract spot market addit supplier impos stringent accredit qualiti requir power competitor ambiti compet price lead addit transport cost captur demand pan region demand texaco fina castrol fiat lubrificanti fuch increasingli captur exxon bp mobil minor extent shell pan european contract conclud occasion suppli lost nation base oil competitor close blend plant agip itali repsol spain volum gain competitor qualiti certainti suppli accredit restraint crucial blender case conclud exxon function swing produc suppli product nation base oil produc elf total agip kpi moh bp mobil shell produc confront product shortag refineri mainten specif grade market long product capac back normal level client fall back intern product consequ smaller base oil refin focu local sale export depend rel strength local champion region integr oil compani blend activ win contract blender region market instanc oem fill car produc home countri base oil produc countri present industri lubric requir base gener perform formul develop strong finish lubric sale posit small independ lubric blender tend acquir posit nich market essenti activ industri special field competit factor strongli relat integr strong posit base oil product geograph spread economi scale determin local small blender specialis industri lubric price sensit chang base oil supplier increas leverag custom technic assist flexibl specialis applic primari competit asset smaller local refin excel local blender pan region supplier prefer initi joint develop programm local addit supplier guarante base stock suppli nearbi blend oper import base stock relev special lubric special metalwork fluid sold time price industri hydraul oil base oil metalwork fluid compos account total product cost compar addit industri lubric marin lubric base oil addit combin equal import fact perform accredit quot hous quot oem increasingli awar potenti effect base oil base oil switch requir valid test number kei product critic perform paramet addit base oil interchang finish lubric accredit region locat oem approv crucial illustr base oil refin profit multi plant base oil interchang base oil interchang automat lead guarante sale compani confirm limit sale automot applic base oil addit accredit compani lack region presenc economi scale compet exxon bp mobil shell pan european level point increasingli lose nation automot sale benefit exxon bp mobil due increas oem requir evolut pan commun demand suppli contract industri applic renew full accredit major addit supplier win pan eu suppli contract local presenc cost transport eea includ handl product destin pan european market exclus industri lubric market dynam left smaller base oil compani choic increas sale export market market investig conduct commiss appear current product sold export spot market larg part volum consist heavi grade insuffici demand eea time sale spot basi price materi lower eea market current price lower competit constraint exercis exxon bp mobil shell smaller player limit possibl increas sale eea market explain abil nation player compet pan region base oil supplier limit greater transport cost bear smaller extent base oil accredit restrict smaller player suppli local blender orient industri lubric export product parti argu eea base oil market affect strong overcapac limit abil player manipul price product commiss market investig competitor put doubt relev alleg structur overcapac check exxon mobil behaviour effect overcapac market surplu product sold eea market due factor actual overcapac misstat parti parti defin overcapac differ namepl capac actual product namepl capac appear unreli indic product capac base oil refineri speak overcapac relev focu surplu product differ current eea product current eea consumpt parti updat data namepl capac admit namepl capac mention form significantli higher actual product capac basi product capac shut parti revis initi quot overcapac quot appreci overcapac circul figur question instanc parti revis downward publicli namepl capac estim plant competitor addit figur base capac differenti output competitor nyna produc naphthen base oil group specif industri applic compet paraffin base stock automot gener industri lubric exclud specif applic print ink rubber due price differenti technic characterist refineri produc group iii iv base oil reason namepl capac overestim real capac base oil refineri instanc due bottleneck product process refineri shutdown mainten lower effect product capac import base oil competitor explain number commun base oil plant actual averag product capac namepl capac refineri longer benefit de bottleneck parti abundantli cite studi european refineri industri made roland berger find studi refineri high fix cost tend natur produc time maximum capac competitor exxon bp mobil commiss plant run maximum capac base oil refin produc group base oil econom viabl reduc utilis refineri cepsa signific volum export eea lower price insid eea plant run cepsa reduc utilis product capac econom viabl surplu product ratio calcul proport export merchant sale surplu product hand merg parti surplu product held parti amount approxim merg parti eea merchant sale explain excess product meet eea demand base oil product destin eea market easili readili increas tune refineri parti argu base oil product eea cost increas crude intak tune refineri market investig conduct commiss reveal eea refineri run crude produc base oil similarli irrat expect refin optimis product proper tune refineri import competitor exxon bp mobil tight light grade final argu refin refin base oil order produc fuel moment stop process increas product base oil parti explain refin base oil fuel made econom sens past year refin decid attribut base oil product capac fuel product smaller competitor produc group iii base oil switch fuel product posit due low demand rais output base oil crude feedstock select influenc volum effect output instanc appear smaller refineri adjust declin price export crude slate steer feedstock increas fuel product lower base oil product kuwait petroleum intern kpi import base oil competitor put quot refin maximis local opportun produc base oil feed molecul product fuel utilis base oil refin capac decid produc base oil sell export eu market quot competitor quot direct feedstock increas fuel product capac utilis rate low quot base oil export eea easili redirect eea market base oil export eea consum local meet local requir standard qualiti instanc solvent neutral offer sold european refin export market eea demand export market compar eea demand high grade histor highli demand export region engin oil warmer climat higher industri lubric consumpt heavi industri emerg market higher process oil consumpt tyre product asian capac compet export heavi grade sold premium light grade consumpt eea increas engin lubric requir volum market heavi grade demand asian crisi differ qualiti illustr materi differ price report export market compar eea market explain section gt tabl gt tabl show evolut price typic base oil eea compar export qualiti strike price differenti rise eea price august export redirect meet eea demand doubt eea refin long ago longstand price differenti past year materi increas price differenti export spot price significantli eea price base oil sn effect term contract potenti qualiti differ explain suppli demand effect parti refin choos dump volum spot market tankag approach maximum level readi accept market price level cover cost produc base oil versu unus capac long market lower total oper cost econom produc import stress exxon shell minor extent bp mobil spot market sale compar nation base oil competitor exxon shell bp mobil sale term competitor spot orient flexibl exist industri redirect volum export eea consumpt clear actual price premium flexibl exist produc spot sale orient singl base oil plant refin limit accredit focus local blender sell spot market eea case volum light grade export eea limit volum sold eea market higher price lower demand eea viscos breakdown base oil volum export import competitor exxon mobil light neutral medium neutral heavi neutral competitor light base oil market increasingli tight intern mobil memo effect rationalis light grade base figur provid import competitor agip cepsa dea elf kpi repsol shell totalfina petrog parti viscos breakdown base oil volum produc light neutral medium neutral heavi neutral higher price eea base oil produc possibl increas output light grade demand eea heavi grade eea base oil produc switch increas light grade product heavi invest competitor optimis ln product competitor flexibl base oil product limit crude fix potenti viscos select crude crude major competitor exxon bp mobil limit effect light grade output switch crude oil presuppos refin suffici lubric vacuum capac invest usd million figur base competitor estim increas light grade output obtain convert heavi feed molecul light involv construct hydrocrack repres invest usd million parti possibl run suitabl lubric feedstock competitor econom strongli neg lubric qualifi feedstock premium usd tonn versu normal feedstock fuel refineri suppos yield light base oil feedstock result debit close usd tonn product cost increment light base oil reduc gross margin ad transport cost lubric feedstock loss revenu hn sale competitor find lubric feedstock face unviabl transport cost volatil element refin choic improv noack volatil requir current gener lubric price decreas product refin heavili export product tight volatil specif qualiti driven export market import base oil competitor put quot volatil restraint sn tend reduc volumetr product capabl grade oppos overcapac quot refin choos produc light neutral consider qualiti exxon bp mobil reduc light grade product hand parti stress form cepsa repsol petrog guarante market low volatil light base oil constitut individu strength refin commiss conclud produc choos produc low volatil light grade underli market demand volatil import element assess possibl increas light grade product show surplu product base oil market exist heavier base oil compet european market automot applic refineri run full capac product requir qualiti capac plant convers group iii base oil lead ineffici base oil plant shut creat excess capac addit product import countri europ compens reduct capac europ demand group iii base oil margin current group iii product capac increas illustr grassroot plant nest run fraction capac exxon bp mobil shell signific capac merchant market region player excess capac accredit rule limit geograph spread restrict abil compet european level export declin due asian crisi emerg capac export destin time shell bp mobil instal high capac plant asia singapor eea base oil plant shut reduc capac eea overcapac creat reduc export eea balanc closur eea product capac market price margin effect overcapac basi inform provid parti eea base oil price stabl past year evolut gross margin percentag sell price show downward trend past year gross margin calcul exxon sn sn remain rang compar gross margin cost period appear high correl amount absolut variat word price margin influenc variat cost period typic characterist market allegedli affect import overcapac expect oversuppli market drop cost immedi drop price word overcapac affect exxon lesser extent competitor posit fourth solomon cash cost quartil uniqu role exxon exxon augusta plant locat sicili run essenti suppli term custom export market effect merger competit base oil market post merger market structur post merger exxon bp mobil combin market share rang depend calcul basi namepl capac abil parti sell merchant market tabl closest competitor shell market share region basi namepl capac basi sale parti total agip market share remain competitor market share parti number nation integr base oil produc signific capac merchant market basi strong competit posit counteract readili immedi attempt parti post merger increas price add merger lead creation strengthen domin posit market characteris signific structur overcapac namepl capac parti advanc group iii capac increas avail group capac equal parti argu eea export redirect eea profit price increas explain section alleg confirm market investig conduct commiss merg parti profit rais price exert price pressur potenti constraint exxon mobil behaviour shell inform receiv market shell base oil strategi orient captiv capac merchant market insuffici counter combin exxon mobil market power addit shell exxon joint interest control number ventur notabl addit manufactur infineum shell price increas suffici incent rais base oil output shell base oil polici suppli intern profit remain product output evalu combin fuel lubric refineri activ point view heavili support special product white oil greas wax process oil shell follow price leader base oil product exxon disciplin competitor oppos price movement prospect market price fall move exxon dissuad competitor undercut aggress base oil competitor case price increas current price follow price leader parti emphasis issu eea overcapac confirm parti base oil competitor import competitor multipl finish lubric accredit shell total dea kpi idl capac export volum compet econom eea market illustr total acquisit fina total commiss capac need intern eea market sale suffici light base oil capac possibl increas light grade product capac major invest commiss understand total suppli base oil fina blend activ limit countervail power custom limit altern parti argu exercis market power face concentr sophist demand person lubric blender argument accept bigger lubric blender choic exxon mobil shell merger lubric blender plai possibl suppress merger place exxon bp mobil domin market place major lubric blender qualiti certainti suppli prevail price tend limit number supplier pan region activ merger left choic shell limit capac merchant market ti term contract compet blender state exxon bp mobil rais price percentag point difficulti switch base oil supplier reason set altern switch base oil addit suppli consid shop addit compani exist fulli accredit combin quickli lead time need clear exist addit stock obtain oem approv base oil competitor estim month cost eur practic blender accept price increas start complet formul scratch expect sale volum compens amp budget lubric blender squeez higher price base oil lubric custom fact lubric market appear competit atiel propos reform impact market parti argu atiel rule relat interchang base oil eas base oil switch lubric formul chang propos atiel enabl smaller base oil produc form base oil famili interchang true atiel trade organis membership compris larg number lubric compani order revis base oil interchang guidelin revis request year ago nation refin compani lubric blender motiv indic multipl refin compani consider advantag term pan european suppli comparison singl refineri compani revis happen commiss point view assess propos merger base exist requir atiel base oil interchang guidelin potenti revis futur occurr atiel repres lubric sector repres independ lubric blender nation integr oil compani pan region integr oil compani exxon bp mobil shell minor chang rule adopt unanim fact request chang atiel rule introduc year ago process reach agreement tediou long accomplish propos unanim adopt adopt atc acea signific problem expect atc addit supplier acea repres oem hand requir proof chang atiel rule neg affect qualiti finish lubric product liabil hinder swift implement accept propos revis adopt fulli line propos system compani carri test order claim interchang commiss potenti relax base oil interchang materi factor assess oper market major european motor manufactur agre adopt represent acea minimum technic specif requir gasolin diesel engin matter base oil interchang cover atiel code europ usag api acea specif oem broadli japanes american manufactur tend api specif european manufactur reli acea european manufactur car reli api lubric automot lubric blender meet accredit order sell suffici volum market fact virtual automot lubric market give api specif consum believ familiar api specif addit supplier lubric acea accredit gener market isol carri approv automot lubric meet accredit order make suffici volum market propos affect eea fill market exxon lesser extent bp mobil strongli repres nation base oil produc lubric blender expect rigid atiel rule eventu lead common acea api standard accomplish level foreseen api specif year actual burden accredit absenc base oil interchang remain unchang addit acea impos minimum technic specif requir individu oem impos stringent requir ford instanc product specif supplier compli eu wide worldwid specif base api volkswagen mention api standard exercis market power conclud develop exxon bp mobil hold domin posit eea market base oil market investig concentr creat strengthen domin posit addit finish lubric exercis combin exxon bp mobil market power base oil market strong posit infineum addit lead stronger posit finish lubric futur gener lubric develop control lubric suppli chain lead situat competit significantli imped merger combin exxon bp mobil base oil domin strategi instanc incent domin base oil level order rais cost independ competitor lubric market level exercis pressur smaller player increas price base oil standardis product increas number formul accredit base stock infineum addit packag sudden price increas combin sell base stock addit restrict sale raw materi shell benefit strategi strengthen consolid posit lubric level small base oil produc counteract base oil refer addit supplier oblig intern dimens suppli base oil sourc product countri competitor base oil countri forc spend time monei approv api acea oem weaken competit posit merger combin exxon bp mobil increas incent challeng chang base oil market gain market share nation integr oil compani instanc low price shell adapt low price player face eea demand divert sale export market undermin competit posit nation player increas pressur industri close obsolet base oil refineri longer econom viabl plant continu oper capac shut elimin current small effect overcapac strategi success exxon bp mobil rais price combin strength base oil market lubric market exxon bp mobil extend domin posit base oil market addit lubric activ combin entiti posit captur futur develop lubric establish close link oem addit manufactur turn rais barrier entri competitor market addit packag determin market finish product addit market power exercis concentr lubric suppli chain addit packag increasingli ti specif base stock order provid higher perform request oem surplu capac base stock longer guarante competit market independ blender increasingli exxon bp mobil possibl shell base stock readili test accredit addit supplier develop blend addit base stock premium price addit produc longer assur suffici sale volum base stock develop test accredit base stock exxon bp mobil increasingli financ lubric blender step lubric develop partli financ addit supplier impos signific cost blender small independ blender hit disappear market nation integr blender restrict activ home countri highli profit blender castrol fuch texaco affect increas cost reach point longer compet exxon mobil shell price research develop market budget decreas confirm exxon bp mobil market leadership conclus basi conclud oper lead creation domin posit eea base oil market addit addit market concentr lead supplier hold world market engin oil addit lubrizol ethyl number market restrict activ addit texaco number addit compani base oil product number chevron oronit market lubric europ infineum take place form begin combin shell exxon addit activ produc suppli di packag vi improv infineum significantli reinforc mobil limit share addit market note merger infineum direct link pan region base oil produc excess capac accredit automot merchant market view limit overlap concentr creat strengthen domin posit market lubric addit lubric current competit landscap major player compet pan european basi market particip vertic integr compani notifi parti independ blender castrol fuch exxon mobil signific lubric activ face competit nation integr oil compani agip totalfina elf repsol statoil nyna texaco shell consid world largest produc automot industri lubric independ lubric compani castrol fuch dea exxon share eea finish automot lubric market bp mobil basi aggreg period enerfin estim shell castrol elf totalfina exxon share eea finish industri lubric market bp mobil basi aggreg period enerfin estim shell castrol agip kpc elf totalfina marin lubric shell market leader exxon mobil strong presenc bp market share castrol elf texaco parti combin exxon effici mobil brand strength largest lubric blender market concentr lead creation domin posit exploit domin base oil market lubric industri remain competit competitor shell castrol totalfina elf influenc bui power custom distributor oem increas futur refin market fuel downstream oil gener overview downstream activ includ crude oil refin market distribut refin product end user suppli chain refin crude oil refin gener consist process fraction crude oil compon hydrocarbon ii convers involv chang chemic natur product iii treatment consist reduc unwant element type specif molecul accept level iv blend combin refin product meet market specif refin product classifi light distil lpg motor gasolin naphta middl distil diesel fuel ga oil kerosen heavi product fuel oil bitumen refin product sale market refin product sold retail distribut channel retail distribut channel retail sale involv sale motorist servic station product sold retail distribut motor gasolin diesel countri retail channel distribut automot lpg retail sale consist wholesal sale categori custom independ retail unbrand servic station oper hypermarket independ resel industri commerci consum hospit car rental fleet factori suppli refin market dispos massiv volum refin product due fact nearbi product site refineri larg storag facil termin refineri sale consist sale made larg lot spot basi refin oil compani trader resel larg industri custom transact typic involv una tantum singl deliveri purchas cargo lot kt barg kt tanker lot price basi market quotat deliveri locat refineri refineri sale suppli industri refer quot cargo market quot transact typic involv big quantiti refin product travel long distanc low transport cost cargo market price world track close price publish daili basi organis platt petroleum argu make buyer negoti date price data transport refin product refin product sold refineri cargo market collect tanker barg transport physic distribut refin product consist step transport refin product oil refineri distribut termin mean waterwai pipelin rail primari distribut ii storag bulk fuel product distribut termin subsequ load deliveri vehicl iii transport deliveri custom primarili truck rail barg secondari distribut number independ particip level user servic wide varieti competit option logist distribut termin essenti compon distribut fuel product end custom oil compani gener hold storag depot dissemin territori pipelin secur time deliveri custom includ servic station storag facil own independ termin oper leas storag capac interest parti short long term arrang gener type storag depot larg termin capac suppli massiv transport mean pipelin ship barg rail tank smaller peripher depot ensur distribut smaller quantiti fuel final destin secondari mean transport truck barg competit environ oil downstream sector characteris presenc vertic integr oil compani activ refin wholes retail refin product segment downstream fuel sector includ independ integr compani regard specif motor fuel retail competit environ characteris presenc essenti categori oper tradit vertic integr oil compani activ level chain notabl refin wholes retail categori distinguish major larg vertic integr multin corpor oper eea countri exxon shell bp mobil mini major smaller multin corpor activ focus eea countri total texaco nation champion vertic integr nation base compani establish countri origin elf agip ii independ retail mean oper activ retail level procur motor fuel refin trader white pump store independ retail gener lower volum comparison industri averag dealer own oper facil own major oil compani singl multi outlet oper acquir facil minor invest oper white brand iii hypermarket supermarket tradit retail motor fuel supplier share similar tradit independ retail differ competitor number respect typic hypermarket larg mass merchandis retail groceri consum good motor fuel retail facil locat park lot unlik independ retail hypermarket gener regard sale motor fuel part core busi addit servic offer custom addit draw store number custom achiev consider throughput gener compet price final unlik number usual independ retail gener oper dens popul rural area retail outlet own leas suppli compani coss independ dealer doss coss channel divid kind station oper compani oper commiss agent coco station oper compani employe compens salari wage agent compens commiss case suppli compani retain ownership fuel store station premis establish pump price ii independ license tenant mean site oper independ license purchas brand motor fuel codo doss channel divid categori dealer oper independ own servic station suppli compani sell fuel dealer ii agenc oper independ own servic station owner sell suppli compani fuel codo dodo site dealer principl establish pump price own fuel sold site matter fact suppli compani gener retain strong control price polici station essenti mechan financi compens design cover dealer loss result pump price reduct compani wish implement contractu relat independ dealer suppli compani dealer gener accept implement pump price recommend compani product market retail sale motor fuel retail motor fuel sale includ sale made motorist brand unbrand servic station product sold predominantli gasolin diesel demand side substitut product motorist type fuel suitabl vehicl suppli side substitut refineri run produc output type fuel consider flexibl base input qualiti crude oil refineri configur distribut level product point sale market share type fuel roughli coincid aggreg market share consequ purpos case retail channel relev product market constitut retail sale motor fuel distinct motor fuel retail toll motorwai countri fuel retail motorwai separ product market distinct base competit condit characteris motorwai demand captiv motorist travel motorwai gener familiar region travel consequ possibl leav motorwai bui fuel servic station locat motorwai limit motorist choos travel motorwai reason speed inclin wast time refuel payment toll factor discourag motorist exit motorwai bui fuel motorwai station gener term motorist pai toll exchang speed inclin leav motorwai refuel purpos strong indic motorwai constitut distinct market li fact pump price motorwai gener higher price ordinari rout retail sale retail sale fuel similarli aggreg fuel suppli type custom distribut channel differ significantli provis fuel oil power gener plant differ suppli lpg domest heat purpos invest requir distribut channel retail fuel fuel sold signific quantiti retail retail market diesel lpg fuel depend distribut channel retail diesel purchas user diesel power car vehicl retail diesel typic suppli larg scale transport compani substanti fleet vehicl storag facil similarli lpg suppli vehicl retail site household heat purpos retail channel light retail channel refin product constitut relev product market geograph market motor fuel retail geograph standpoint market fuel retail characteris local element demand constitut motorist suppli servic station centr activ consequ substitut servic station geograph limit hand overlap servic station catchment area determin competit interact geograph neighbour servic station extent quot knock quot quot chain reaction quot effect distant servic station consequ geograph area retain competit assess includ small overlap area addit suppli side import paramet competit rang product sourc product qualiti servic level open hour advertis promot price campaign product decid local level region nation level fuel retail taxat heavili affect final pump price unit kingdom tax account pump price matter fact variat price nation market tend small supplier market posit tend broadli similar part nation market oper light purpos case market fuel retail regard nation motor fuel retail toll motorwai consider recit appli motor fuel retail toll motorwai retail sale refin product fuel number indic geograph market retail sale local scope market suppli constitut refin sell massiv quantiti refin product refineri termin demand constitut resel end user seek nearbi sourc suppli extra cost bear transport product point suppli place final destin servic station household factori degre substitut sourc suppli geograph limit gener term point suppli sourc geograph area catchment area hinterland radiu function transport cost custom bear transport product final destin cost vari mean transport custom gener road transport radiu rang km hand overlap catchment area sourc suppli determin competit interact geograph proxim busi extent quot knock quot quot chain reaction quot effect distant point suppli consequ geograph area retain competit assess includ small overlap area event question left open oper rais special competit concern irrespect geograph market definit chosen case competit assess assess bp mobil joint ventur order assess competit impact transact posit merg entiti respect structur link exist bp mobil appreci downstream market oil relat product mobil creat bp joint ventur combin european activ sector joint ventur includ refin suppli sale market refin fuel lubric joint ventur bp oper fuel busi mobil oper lubric busi joint ventur notifi clear merger regul present notif parti contend mobil found joint control bp mobil mean merger regul mobil involv dai dai govern bp mobil fuel busi consequ parti claim combin entiti exxon mobil bp mobil incent continu compet vigor sector inappropri aggreg bp mobil share exxon purpos assess competit implic transact essenc parti argument tantamount notwithstand fact mobil joint control bp mobil joint ventur combin entiti exxon mobil bp mobil joint ventur treat independ undertak compet respect downstream fuel busi word parti exist control relat influenc incent compet undertak concern link argument reject basi number consider pursuant merger regul acquisit joint control creation full function joint ventur constitut concentr subject domin test laid articl merger regul order ascertain exist domin posit relat jv parent consid basi gener correct assumpt achiev form integr parent compani posit control commerci polici jv competit point view view competit regard case recal bp mobil jv notifi commiss accord merger regul treat concentr joint ventur bp mobil regard hold joint control joint ventur irrespect fact partner special oper respons specif busi bp fuel mobil lubric conclus notabl base fact parent jointli exert decis influenc joint ventur polici supervisori committe task includ decis area busi plan major acquisit closur dispos invest strateg decis mobil notifi parti transact time contest find argument put forward parti mobil posit interfer dai dai manag fuel busi run bp convinc evid collect investig appear current state affair mobil merger combin entiti exxon mobil exert signific profound influenc relev competit decis involv bp mobil fuel busi approv supervisori committe major decis approv strateg busi plan set financi control paramet approv major acquisit closur dispos invest strateg decis contractu oblig bp obtain mobil approv decis involv disclosur larger amount highli competit sensit inform inter alia refineri dispos refineri joint ventur fuel perform includ forecast refin margin retail margin improv plan retail volum fuel busi strategi includ competit pressur competit posit growth product level fuel oper plan includ oper environ busi develop earn expenditur cash forecast retail divest longer term strateg goal total power confer mobil jv bp mobil merg entiti exert decis influenc jv competit conduct includ fuel busi oper bp parti contend light except circumst exist case bp mobil exxon mobil regard independ undertak capabl compet content notabl base fact bp oper respons fuel busi ii quot lead quot parent joint ventur oppos resist exxon mobil interfer competit decis insid jv assumpt accept account relev interest stake undertak respect note link kind formal qualif greatli reduc incent compet undertak concern establish principl mainstream antitrust econom gener exist link compet undertak form signific interest stake chang incent compet link natur creat strong financi interest firm competitor welfar automat alter dynam competit game firm interest compet find common commerci strategi profit addit link secur access commerci sensit inform turn render competit conduct undertak vi vi transpar suscept easili anticip monitor importantli link natur put undertak posit enabl influenc strateg choic competitor decis line common interest final link kind disciplinari effect expos firm retali case disagr factor push undertak concern converg commerci polici note conduct undertak concern absolut ration base profit maximis perspect present case assess background relev link term influenc exert mobil post merger exxon mobil jv competit conduct presenc case stake number structur featur typic market conduc oligopoli relat exxon mobil bp mobil ultim assess framework collect domin test short competit assess case remain unchang respons commiss decis open phase investig repli statement object parti rais addit object reason claim exxon mobil simpli alter competit behaviour sole benefit bp mobil competitor advantag weaken exxon mobil competit vigour contend exxon mobil direct interest exxon network greater indirect interest stake bp mobil consequ exxon mobil interest maximis profit favour bp mobil joint ventur profit fortiori argument bp incent modifi competit strategi favour exxon mobil interest respect note align exxon mobil bp mobil competit strategi result merger aim maximis profit entiti market converg competit strategi ration behaviour firm interest possibl competitor advantag quot weaken quot competit vigour exxon mobil bp mobil commiss consid oligopolist featur market question align competit strategi entiti reduct competit detriment consum trigger competit reaction player parti contend commiss approach inconsist recent commun case law parti refer gencor lonhro judgment march court instanc found compani merg parti held interest signific competitor minor owner parti pre merger situat gencor structur similar post merger scenario involv exxon bp bp mobil fuel area result merger merg entiti exxon mobil fuel busi retain minor interest compet busi bp mobil respons parti line argument note specif point differenti present case factual background gencor judgment basi full assess factual background appear pre merger situat gencor compar post merger situat exxon mobil state judgment gencor influenc dai dai manag lonrho market sale lonrho platinum product short gencor group exercis influenc lpd competit strategi paragraph judgment contrast state framework bp mobil joint ventur arrang mobil retain signific profound influenc relev competit decis involv bp mobil fuel busi suffic recal respect major decis relat price polici joint ventur subject mobil approv importantli comparison made parti disregard differ pre merger situat post merger question gencor competit situat chang merger gencor lonrho respect commiss cfi found find basi post review competit conduct firm conclud minor stake gencor lonrho platinum busi compani compet pre merger phase respect commiss court emphasis fact quot ldp implat retain separ market depart compet concentr past decad ldp russia main element competit market quot recit decis recit judgment contrast post merger relat exxon mobil joint ventur bp mobil matter futur assess context ant analysi consequ accord approach context merger control review commiss assum worst scenario antitrust purpos align competit strategi exxon mobil bp mobil result joint control mobil interest aral assess competit impact transact motor fuel retail account signific link exist mobil aral aral lead retail motor gasolin oper germani activ austria luxembourg mobil stake aral sharehold veba wintershal number benzen produc main sharehold hold vote right parti mobil joint control aral mean merger regul argu mobil veba wintershal de facto joint control aral base consider event question left open irrespect question control indisput mobil signific interest aral creat strong financi interest welfar stake mobil exercis relev influenc aral commerci polici vote right main sharehold appoint number member supervisori committe turn elect manag board final mobil access larg amount strateg inform exchang aral decis make bodi clear exist link reduc mobil incent compet aral vice versa import interest capit competit oper weaken motor fuel retail take market nation level tabl show market share parti competitor countri joint market share result merger motor fuel retail market posit gt tabl gt parti estim percentag term posit individu nation market vari countri countri gener term note merg entiti market leader countri combin market share exxon bp mobil aral vari minimum french motorwai peak germani unit kingdom presenc countri strong competitor larg intern major nation champion market share rang exclud possibl combin entiti exercis singl domin question creation strengthen joint domin assess structur featur market concern respect market motor fuel retail gener displai characterist consid collect domin aris characterist suppli concentr concentr market suppli side precondit oligopoli exist oligopoli market characteris presenc larg supplier competit action interdepend market fuel retail nation level gener concentr presenc supplier account approxim third nation market parti contend market consid commiss suffici concentr past practic commiss gener view higher degre concentr give rise oligopolist concern issu pursu section devot nation market gener term note undisput higher number firm particip oligopoli higher risk defect oligopoli nonetheless standard antitrust econom suggest oligopoli function concentr market case transpar market term price reciproc monitor easili numer player market product homogen high degre homogen simplifi tacit coordin price polici absenc characterist differenti supplier competit homogen product market tend focu price present case motor fuel undoubtedli commod possibl differenti customis product commod custom motorist unabl point differ brand motor fuel term characterist perform motor fuel fungibl item trade refin systemat resort swap practic sourc servic station respons commiss decis open phase parti contend retail motor fuel busi characteris intens competit term total offer consum price consum factor conveni rang addit offer term product shop avail facil car wash offer featur perceiv promot loyalti scheme consequ wide differ competitor total offer argument homogen consider support evid collect investig brand recognit product differenti investig confirm factor plai signific role determin custom prefer larg major retail oper interview commiss brand recognit plai minor role motor fuel retail admittedli motor fuel retail establish brand recognit market campaign loyalti scheme gener comment note polici oil major aim creat brand imag motor fuel retail prove success except netherland lesser extent germani motor fuel retail manag creat brand recognit loyalti scheme matter pursu section devot netherland germani quot addit offer quot parti evid provid show factor plai role condit motorist prefer industri respons support view fact evid collect commiss appear motorist choic bui fuel driven essenti paramet conveni locat price survei provid parti show consum develop countri meaning differ fuel qualiti motor fuel brand overwhelm major choos motor fuel outlet base locat conveni price survei conveni locat prevail reason bui fuel contrari parti claim conveni exclus relev purpos defin geograph scope market respect acknowledg section devot market definit motorist bui motor fuel make long detour determin competit dynam motor fuel retail local contrast factor regard factor differenti natur product stake low technolog innov lack technolog innov featur typic market conduc oligopoli directli link homogen issu innov competitor choic compet price low technolog innov ensur natur competit homogen product substanti chang futur motor fuel retail characteris low technolog innov technolog develop achiev gradual slow increment process product revolutionari fast move transpar market market transpar basic condit characteris market conduc oligopoli transpar player market converg price explicit coordin price transpar expect lead price parallel undertak present market undertak possibl mutual monitor behaviour order inter alia ascertain cheat market question characteris full transpar retail market pump price publicli fact price inform readili access market level level trade trade price fuel refineri sale publish daili basi respect organis platt petroleum argu price transpar exist level crude oil sum price inform industri market level worth note transpar market essenti condit oligopoli function effect motor fuel retail transpar make form cheat player market imposs final motor fuel retail transpar market term quantiti sold respect suffic oper industri inform competitor sale due intens exchang inform level industri associ sector number sourc publish statist inform moder growth market market demand stagnant grow moder impetu market growth foster competit market reason firstli incent incumb firm compet increas demand gain market share achiev expens competitor possibl end damag price war winner modest growth rate demand attract outsid enter market case stake acknowledg parti motor fuel demand europ stagnant specif motor gasolin flat diesel captur growth motor fuel demand eea averag yearli growth past year symmetri cost oligopolist domin sustain member oligopoli similar cost structur similar cost structur creat similar incent market situat similar cost structur increas risk retali sens supplier competitor meet competit action equal basi case stake analysi cost structur fuel retail conduct countri countri basi take refer motor fuel retail stand busi symmetri market share symmetri market share competitor view factor gener facilit anticompetit parallel behaviour similar reflect similar cost undertak cost strongli influenc price polici undertak symmetri render price coordin easier nation market review commiss market share unevenli distribut player factor regard preclud possibl oligopolist domin symmetri market share addit incent parallel behaviour consid prerequisit parallel behaviour exist instanc presenc market share asymmetri symmetri cost case motor fuel retail import economi scale reach level station site similarli oligopoli member feel fair share market perceiv quot equal foot quot compar strength win lose aggress competit action precis case motor fuel retail virtual alleg oligopoli member vertic integr oper activ world financi capac posit held level retail specif nation market sum player symmetri nation market share plai import role respect worth note vertic integr retail creat compens system design support financi loss retail network suffer expos intens price competit light submit asymmetri market share prevail number countri consid commiss purpos oligopoli assess relev present case vertic integr similar degre vertic integr member oligopoli gener increas willing engag parallel behaviour prospect stabil behaviour result fact integr confer cost advantag cost similar integr player oppos integr importantli strateg interest equal integr firm tend coincid commerci level market condit affect similarli integr firm push react similarli consequ higher stabil term parallel behaviour expect market case question oil industri busi characteris presenc larg vertic integr firm consequ integr busi fuel retail involv advantag integr firm inter alia secur suppli long term abil face chang market condit fact vertic integr result common interest integr oil firm cover sector industri integr increas dramat prospect stabil parallel behaviour make oil major interest coincid demand rigid gener term demand price inelast higher incent parallel behaviour total demand volum decreas significantli case price increas strong incent market player engag supracompetit price motor fuel retail demand rigid real substitut product survei show event price increas motor fuel averag consumpt long term remain stabl due fact element captiv demand structur link likelihood oligopolist behaviour gener increas structur link member oligopoli structur link make market player care welfar partner make awar strategi cost structur plan link reduc competit zeal member oligopoli repres potenti mean retali depend circumst result common commerci interest market question downstream oil busi characteris exist link major player form corpor link bp mobil joint ventur mobil particip aral germani form unincorpor commerci relationship swap agreement fuel entri barrier absenc potenti competit oligopoli function effect presenc high barrier entri barrier render market difficult contest make immun competit pressur come potenti competitor motor fuel retail busi gener term oil industri characteris signific barrier entri vertic integr proven insurmount barrier year clear success presenc market integr retail signific barrier render newcom entri retail motor fuel market order compet effect market essenti obtain critic mass station high averag throughput turn requir high level invest due part cost compli environment regul parti estim cost open station eur avail adequ retail site point countri licenc build site difficult obtain ow satur market true countri affect present transact argu entri occur futur reopen site close recent year tend smaller unattract environment regul make reopen site difficult expens build matter fact newcom success establish signific presenc member state year hypermarket virtu mix special condit avail competit suppli ii ampl distribut termin facil iii central purchas iv access conveni commerci properti rel eas permit vi low cost structur rel tradit competitor lesser extent quot low cost quot retail capabl establish adequ network term number site averag throughput save unit kingdom jet conoco germani hand member state record impress consolid due gener decreas margin result larg number small independ retail forc market characterist common market consid context contrari parti claim possibl futur quot small quot firm enter retail motor fuel market small scale remot sum real sourc potenti competit motor fuel retail constitut hypermarket countri extrem success increas sale franc year hypermarket acquir market fact oper presenc countri netherland luxembourg austria exist structur impedi prevent futur develop front countri oper establish unit kingdom germani real competit potenti measur take due account numer factor liabl hinder growth point discuss section devot countri countri assess absenc bui power abil member oligopoli rise price constrain countervail market power custom power concentr custom prevent member oligopoli engag supracompetit price provid suffici incent deviat collus compet motor fuel retail purchas power complet absent demand constitut motorist multi market contact multi market contact sustain oligopolist domin increas scope retali place market oil industri characteris vertic integr compani activ level trade extract crude oil market fuel background common abovement nation market assess specif market condit nation market oligopoli function effect result merger question situat prevail countri discuss length emphasi degre concentr market competit pressur exert oper alleg member oligopoli causal link exist merger question find collect domin posit tabl show comparison motor fuel price countri affect transact product retail motor gasolin pump price gt tabl gt product retail diesel pump price gt tabl gt austria gener overview refin austria refineri own oper omv tradition petroleum product sourc inland refineri directli import austria made independ resel integr compani suffici capac austria crude oil purchas omv rag transport oil pipelin adriat sea vienna refin omv schwechat refineri omv plai import role austria own refineri austria major share adria vienna pipelin storag erdöl lagergesellschaft share quot autobahn betriebegesellschaft quot own proprietari pipelin vienna st valentin omv contractu product share refineri shell mobil esso agip combin compani utilis refineri omv conclud swap conoco agip aral shell mobil esso agip sharehold awp erdöl lagergesellschaft storag quot autobahn betriebsgesellschaft quot quot paritätisch ausschuß für kartellangelegenheiten quot consid cooper major close cartel major suppli station fuel order save transport cost infrastructur exxon report ship compani recent offer rate barg suppli rotterdam vienna area dm distil moga result averag volum weight rate motor fuel dm freight rate rotterdam typic destin germani rhine main area dm averag suppli cost austria germani higher rate result longer ship distanc canal toll exception high number lock pass rhine danub canal slow voyag lower water level compar rhine high risk delai due low water danub result fact water level danub control dam storag control major independ storag possibl exist tamoil linz roth öl styria smaller termin cover region demand figur capac provid parti storag altern capac signific case competitor risk foreclosur storag capac major opt rent storag capac control wholes consumpt fuel diesel import major trader quot outsid quot import oil product barg danub train road outsid quot brand quot mean smaller retail network oper omv aral bp mobil avia jet turmöl rühl iq awi roth hölzl champion eurol import fuel bui fuel major wholesal appar choos cheapest offer set price independ exxon sourc parti purchas remaind transfer affili term process arrang omv schwechat refineri bp mobil purchas volum sell parti remain countri refin product retail austria fuel retail consist brand station independ station free station white pump supermarket plai import role fuel run station main brand network omv aral bp mobil shell esso brand station brand white pump station brand station run agent system agent bound fix price major instruct import note major omv aral bp mobil shell esso sharehold station austria free station brand avia jet turmöl rühl iq awi roth hölzl champion eurol brand partli hand major genol omv avanti shell net austria austria white station own independ compani major prefer brand omv instanc white pump network stroh tankstellen servic station industri heavili regul austria septemb fuel price regul govern price chang request miner oil compani cost increas price fuel diesel liberalis player market omv agip austria ag bp austria ag mobil oil austria ag shell austria ag aral austria gmbh local level major compet brand avanti jet turmöl independ surround major offer station lower price order compet area quot price concentr quot agreement quot branchenübereinkommen quot enter forc order make price object market inform system instal follow intern nation fuel price weekli basi oper succe agreement abandon regul diesel price austria impos high environment requir requir germani small station afford meet high standard exxon main reason market rationalis financi support provid close station mention cost similar germani austria dens servic station network denser germani consequ averag throughput station lower austria compar germani number servic station decreas player enter market jet conoco expand network station pre merger environ current statu competit market structur tabl show evolut market share austria year appear tabl market domin compani omv bp mobil shell hold market market player esso aral market share gt tabl gt explain remain market player compos smaller brand network supermarket white pump number smaller brand network account brand subject financi interest top player market notifi parti market share supermarket remain flat year expect vari significantli futur similarli white pump declin time period parti expect competit configur austria chang significantli short term due current restrict condit obtain permit competit dynam cost price cost brand retail exercis competit pressur top player market market investig competitor commiss major rais price independ follow independ maintain good relationship major surviv price war strong competit due financi interest held omv bp mobil shell player player cost base higher brand averag throughput cubic metr compar industri averag averag top low level throughput fix cost spread small basi repres substanti share total cost differ level throughput result signific cost differ thirdli smaller competitor depend signific extent suppli wholesal level top player share exxon product omv refineri view competit condit austrian market dictat omv bp mobil shell esso aral small number actual competitor gener condit motor fuel retail sector tradition conduc oligopolist behaviour strong indic austrian market function close oligopolist condit austria account fact bp mobil aral structur link gener section compani specif arrang omv schwechat refineri price examin level variat motor fuel retail price strongli suggest market deficit competit price exclud tax austria highest europ net price gasolin diesel higher germani addit motor ga price show limit correl crude oil price platt quotat diesel motor gasolin puwein studi cite parti explain monthli variat germani stronger austria chang crude oil price price variat austria germani exclud tax parti justifi higher price austria combin addit logist cost lower throughput restrict relat servic station shop logist cost break addit transport cost compar germani usd usd attribut addit distribut cost austria result local terrain retail network structur lower throughput result addit unit cost usd recov higher margin final restrict shop includ limit size versu exxon standard special licenc sell tobacco lead loss contribut oper incom usd parti add item usd conclud explain differ austrian german motor fuel pump price assumpt loss incom shop restrict question parti refer loss incom loss margin lower total incom lost ask evalu addit margin gener conveni store germani parti refer item label quot gross distribut margin quot featur amount usd tonn germani line austria item show higher usd tonn event assum usd tonn reli robust assumpt explain price differ germani amount cent litr parti estim margin cash cost cent litr provid accept return invest repres increas return entri barrier expans potenti competit exxon consid oral meet commiss servic intern document expect competit threat come supermarket austria confirm market investig post merger environ impact oper competit impact oper assess background regard featur identifi section devot structur characterist retail motor fuel market gener merger exxon mobil result establish strong link bp mobil aral exxon respect activ motor fuel retail austria lead materi diminut incent aral esso challeng lead posit held omv bp mobil shell aral esso network capac exert competit constraint top compani merger oligopoli involv combin market share includ ownership interest brand station small competitor left margin cost basi compet effect small competitor extent subject financi interest top player depend suppli compani merger result creation reinforc collect domin held omv trio exxon bp mobil aral shell austrian retail motor fuel market franc motorwai gener overview shown competit environ market motor fuel retail french toll motorwai characteris presenc player suppli concentr player larg vertic integr oil compani foreclosur aspect aris relat refin wholes market point consid purpos assess toll motorwai station distinct product market oper signific impact motorwai franc note toll motorwai constitut separ product market virtu specif featur characteris addit franc member state motorwai toll road motorist pai toll base distanc travel motorwai factor discourag motorist exit motorwai bui fuel motorwai station suppli side insul motorwai channel exist high entri barrier recit chart show differenti exxon motorwai exxon averag network pump price member state affect transact gt tabl gt chart franc countri consid purpos present case price differ tax price motorwai tax price motorwai signific rang due fact countri motorwai subject intens competit constraint come motorwai station parti motor fuel retail french motorwai constitut separ market motor fuel retail motorwai point made oil compani repli statement object issu commiss proceed refer fact ow larg fuel capac modern car motorist drive long distanc bui fuel motorwai addit franc motorist regularli inform public special brochur price differenti motorwai motorwai station parti interven oil compani recent year averag consumpt motor fuel decreas french motorwai take account averag traffic increas specif argu fuel demand french motorwai significantli decreas precis competit constraint exert motorwai station support posit parti refer survei carri union français de industri du pétrole increas sale volum motor fuel concess motorwai approxim million litr project year take account increas traffic flow motorwai infrastructur post increas traffic flow motorwai infrastructur occur motor fuel sale declin million litr period basi parti draw conclus migrat custom motorwai servic station motorwai servic station evid provid parti incomplet fact declin fuel sale motorwai million litr year conclus fact order show motor fuel sale motorwai declin favour sale motorwai parti compar meaning consumpt pattern network parti made kind assess importantli simpli disregard fact motorwai station logic increas traffic flow road infrastructur meaning comparison motor fuel demand motorwai station demand motorwai station show consumpt pattern network similar tabl show total volum sale motor fuel french motorwai year total volum sale motor fuel french market account increas traffic flow road infrastructur gt tabl gt tabl trend motorwai sale year similar trend slight demand increas essenti due growth demand diesel consumpt gasolin slightli decreas trend common motorwai network motorwai network basi evid appear consumpt pattern motorwai dissimilar characteris motorwai station qualit analysi motorwai station custom instruct tabl show estim exxon total volum sale retail motor fuel year broken monthli basi percentag sale month exxon motorwai gt tabl gt figur express percentag term tabl clear major sale year french motorwai occur month cover period public holidai respect motor gasolin consumpt month year juli august count sale april ad month account total sale year diesel trend pronounc present gener term month cover period public holidai gener higher sale word data show great season demand turn impli higher degre captiv season client essenti tourist refuel motorwai find milit favour motorwai treat distinct market final evid motor fuel retail french toll motorwai constitut separ market li fact price rang higher price motorwai point parti claim motor fuel retail bear higher cost run motorwai station fact explain matter fact motorist pai premium fuel bought motorwai sum quot insul quot motorwai channel franc rest market precis reflect price higher price motorwai station pre merger environ current statu competit market structur pre merger situat unlik motorwai retail market motor fuel retail toll motorwai franc concentr characteris presenc player vertic integr oil compani agip insignific posit remain player divid categori nation champion total elf major shell exxon bp mobil nation champion market leader histor strong presenc nation territori toll motorwai market remain unchalleng respect player refineri situat franc secur time cheap suppli motor fuel numer storag facil spread french territori high number station site secur capillari coverag motorwai network player total lead posit toll motorwai market merger fina reinforc leadership reach share roughli total shown cost effici retail averag throughput site major mid size player shell exxon compar market posit term volum sale number site bp mobil distantli pre merger cr close virtual independ retail present market due number reason notabl difficulti obtain licenc motorwai scarciti site high invest cost need aspect discuss recit tabl show estim market share volum parti competitor year gt tabl gt market remain stabl term trend market share time market share fluctuat involv player rang period year lead player maintain virtual unchang market posit time total lead elf shell exxon bp mobil worth measur market posit player refer number station site gt tabl gt total elf compar number site shell exxon bp mobil term evolut share time stabil accentu market share base volum high period year total increas number site count acquisit fina take lead elf lead player except bp combin mobil respect network maintain posit virtual unchang consider appear recent year market motor fuel retail toll motorwai franc remain static record demand remain flat year competitor maintain posit competit dynam cost price cost major factor profit retail network throughput higher throughput lower site averag oper cost litr order make cost comparison player chart show averag throughput site player year gt tabl gt sourc ufip tabl appear total highest throughput site exxon lead player throughput gener term averag throughput high compar averag motorwai station due fact motorwai station gener bigger size ordinari motorwai servic station averag throughput site view industri allow ordinari servic station reach minimum effici scale motorwai station higher cost bear ordinari station higher averag throughput secur minimum effici scale throughput averag throughput breakeven benchmark approach appear notic differ exist player term cost effici player total exxon elf larg hit target shell bp mobil close price order fulli competit environ motor fuel retail french toll motorwai worth take refer french market motor fuel retail cite notifi parti competit europ shown recit appear franc highest price differenti comparison figur countri mislead due competit condit exist nation market countri austria netherland instanc pre tax motorwai price extrem high part explain lower differenti motorwai price except franc countri motorwai free charg milit favour intens competit pressur exert motorwai station motorwai station situat franc compar unit kingdom pre tax pump price countri close pre tax price franc nonetheless unit kingdom differenti time smaller franc situat germani instruct compar franc price differ pronounc chart show comparison exxon motorwai price exxon network price franc unit kingdom germani gt tabl gt note price differenti countri signific explain higher cost franc oppos unit kingdom germani cost list parti french motorwai absent unit kingdom germani concess rent cost common extra cost retail bear run servic station motorwai irrespect countri comparison gross margin cost born exxon motorwai franc unit kingdom germani illustr respect instruct compar parti submiss quot wholesal cost quot mean cost cover direct land rental tax advertis retail personnel indirect corpor overhead system cost specif run manag retail busi countri transport deliveri cost includ gt tabl gt figur express usd metric tonn tabl appear cost parti price surcharg french motorwai lower franc unit kingdom germani contrast gross margin price franc substanti higher unit kingdom germani claim comparison data mislead due structur exxon retail network countri respect suffic exxon motorwai network franc exclus compos compani own station station exxon bear highest cost respons statement object parti note cost data cite repres motorwai station includ fact motorwai motorwai station regard note inform commiss reli submit parti respons request inform unequivoc requir cost data relat motorwai station commiss assum parti regard data repres cost motorwai station event base assess data parti contest appear margin gener french motorwai station inexplic high respect note pre tax pump price french motorwai averag higher french pre tax pump price parti contend differ deriv higher cost born retail run motorwai station claim french quot concess quot motorwai servic station constitut exxon station pai volum relat rent approxim centim litr motorwai concessionair ii motorwai servic station incur higher invest cost provid addit facil requir concessionair typic includ addit fuel storag tankag addit wash park facil result extra cost amount centim litr iii motorwai station requir open dai hour addit cost centim litr iv fleet card higher motorwai result addit cost centim litr cost allegedli account larg part differenti motor gasolin diesel accept gener estim made parti remain unexplain signific differenti rang short basi calcul provid parti margin centim litr explain extra cost light appear margin ultim profit made motor fuel retail french motorwai higher gener motorwai station franc return higher gener motorwai station member state consid price trend comparison price trend year motorwai motorwai pump price franc illustr gt tabl gt tabl appear absolut term pre tax price motorwai motorwai station ow crude oil price decreas rel term appear pre tax pump price trend motorwai price decreas dramat respect strike differenti motorwai motorwai price increas rang essenc tabl show market motor fuel retail toll motorwai franc unrel price trend prevail neighbour market motorwai station player toll motorwai market reach supracompetit equilibrium disturb intens competit game involv player motorwai market final respect degre price competit exist retail market worth note price differ small gener term pump price track close variat retail price insignific lack price competit indic retail satisfi return market reach supracompetit equilibrium entri barrier expans potenti competit entri barrier acknowledg industri number factor make entri toll motorwai motor fuel retail market difficult retail servic station market case franc build site motorwai requir invest parti estim cost build site motorwai time higher cost relat ordinari site parti doubl side site cost usd singl site cost usd motorwai site gener cost usd extra cost result essenti requir provid addit facil fuel storag tankag addit wash park facil process obtain approv site long time period year requir franc complet construct site motorwai count time obtain requisit permiss finalis tender procedur thirdli construct servic station heavili regul carefulli control highwai author franc inter alia space servic station motorwai regul restrict opportun develop site fourthli market satur term exist site reduc possibl creat outlet matter fact scarciti site factor cite tradition prevent entri newcom toll motorwai market franc instruct year motorwai servic station award tender compani prior repres french motorwai station award leclerc french hypermarket compani station award dyneff larg independ resel parti claim element contest market due fact concess exploit site limit durat period assign highwai author motorwai franc own central govern local govern wholli partli privat own compani award right build oper motorwai quot concess quot nation local govern turn award concess retail servic station motor fuel retail case quot concess quot motorwai durat year award directli local nation govern gener year background note system theoret design creat form competit realloc exist site function properli matter fact parti admit knowledg bidder acquir exist motorwai servic station end initi concess period industri practic exist supplier obtain extens initi concess conjunct agre invest modernis servic station initi concess period expir potenti competit note real threat potenti competit exist toll motorwai market franc respect major sourc competit motorwai motor fuel retail franc supermarket hypermarket account total sale franc player develop fuel retail ancillari activ complementari core busi expans sale essenti base possibl price low achiev cost effici turn made logist synergi exist core activ activ motor fuel retail hypermarket format place conveni locat motor fuel forecourt car park advantag larg number custom come shop superstor oper high throughput low oper cost factor easili recreat motorwai matter fact date small except leclerc station lower averag price supermarket chain present french motorwai supermarket hypermarket chain activ motor fuel retail respons commiss enquiri intend enter toll motorwai market precis reason state point fact difficult enter toll motorwai market suffici larg number station post merger environ impact oper competit pre merger situat show deficit competit explain number factor market concentr oper totalfina elf shell esso bp mobil account sale presenc aggress competitor motorwai market market isol competit threat high entri barrier independ retail hypermarket theoret ideal candid enter market shown interest posit impact present oper assess background regard featur identifi section devot structur characterist retail motor fuel market gener oper increas market concentr essenc oper result elimin mid size competitor market importantli oper chang structur market result constitut forc constitut coupl exxon mobil bp mobil hold market posit roughli compar competitor number sum oper signific advers effect rebalanc intern oligopoli equilibrium player hold low market share landscap characteris presenc big player total fina elf compar forc constitut exxon bp mobil hold smaller player shell competit relationship member oligopoli chang scope retali increas higher balanc market share particip consequ competit action term retali potenti widespread current suppli structur pre merger scenario mid size player repres disturb factor oligopoli equilibrium legitim aspir expand market share light good cost effici score player repres multin super major posit constitut constant competit threat nation leader merger market structur competit move conceiv trigger strong widespread reaction due low growth fuel demand attempt player increas sale inevit occur detriment player addit homogen product competit strategi aim gain market share consist reduc price price cut inevit trigger retali player feel directli target addit player capillari presenc territori equal cost effici competit price avoid cost shell quot small quot member oligopoli left incent run risk compet vigor smaller market coverag bigger retail easier target essenc merger render interact domin player easier implement monitor exacerb poor econom perform market light appear oper result strengthen collect domin posit held totalfina elf shell esso bp mobil result effect competit significantli imped common market germani gener overview refin fuel refineri germani coast inland main refin exxon shell bp mobil dea approxim total capac compani vertic integr sens activ stage motor fuel wholes retail refin conoco elf total agip omv vertic integr oil compani integr refin ruhr oel wintershal beta holborn account total german product refineri total capac kbd consumpt germani diesel moga mofuel reach total million bbl eurostat germani net import product capac figur includ recent built leuna refineri import note inland refineri unabl sell excess product cargo market market germani infrastructur refineri storag capac strateg locat close major consumpt area region storag capac product suppli remot part germani river rhine connect western locat refineri gelsenkirchen veba wessel dea godorf shell karlsruh esso dea veba conoco indirectli mittellandkan refineri wintershal southern refineri ingolstadt esso vohburg bp mobil agip ruhroel access danub river refineri connect port hamburg heid dea hamburg holborn hamburg shell inland refineri connect port river serv region situat import storag concentr case leuna elf dresden area burghausen omv munich austria pipe connect danub schwedt dea ruhroel agip total elf berlin area region high consumpt level hamburg hanov cologn frankfurt stuttgart munich berlin dresden suppli refineri sale nearbi refineri pipelin product pipelin nato jet pipelin cover western southern part germani eastern part germani serv import storag capac connect pipelin river elb pipelin connect major storag locat refineri distinct made proprietari product pipelin nato pipelin system run full capac primari function transport jet fuel militari airport germani suppli cargo market barg traffic rhine danub elb connect hamburg eastern germani due vari water level barg restrict maximum tonn barg transport rhine affect high low water level rise water level virtual impact freight rate long traffic discontinu rare low water level impact freight rate load reduc order ensur clearanc shallow water period freight rate impact rate depend actual demand situat upstream period low demand summer demand ga oil low low water level effect freight rate period high demand low water level substanti affect freight rate durat low water level rhine typic rang week year month year wholes market investig appear access wholesal market easi retail typic sale price charg independ resel base omr oil market report local equival platt quotat agre differenti cover factor locat differenti servic provid omr quotat price resel pai want bui motor fuel storag facil close rhine parallel platt quotat higher approxim parti barg freight ara antwerp rotterdam amsterdam area karlsruh area account approxim half differ platt omr quot half differ repres cost compani transport product germani sell custom incur includ handl cost cost load offload barg termin storag cost local port charg insur cost order sale staff margin compani sell product parti estim storag capac germani hand independ compani confirm commiss independ storag supplier petroplu oiltank van ommeren direct custom mabanaft trader avia baywa wholesal independ compani offer servic kind client major germani tradition petroleum product sourc inland refineri direct import gener direct independ resel stem intra group trade competitor parti bui limit volum order safeguard independ major control refineri integr competitor parti past year purchas product suppli land refineri purchas major obtain product exchang affili purchas integr competitor purchas inland refineri cargo market ara sourc depend condit offer price differenti cargo inland refineri time price cargo market lower inland instanc explain commiss moment inland refineri offer attract price cargo transport storag appear cargo price significantli lower interest bui inland refineri vertic integr retail obtain motor fuel sourc product exchang agreement refin purchas parti bp mobil purchas parti exxon exchang agreement motor fuel partli due fact exxon oper refineri southern germani number actor avia mabanaft petroplu wholesal trader present wholes level ensur integr retail obtain suppli motor fuel note aforement wholesal suppli trader limit wholesal limit trader activ suffici combin bui power order vessel barg cargo market retail categori retail distinguish germani brand brand independ supermarket brand includ vertic integr oil compani exxon bp mobil dea shell aral explain mobil stake main sharehold veba wintershal benefit captiv suppli sharehold mobil bp veba wintershal brand includ smaller integr compani elf totalfina jet conoco number servic station fallen period volum motor fuel sold servic station remain stabl million cubic metr servic station brand oil compani own properti build invest oil compani own build invest whilst properti belong retail major oper german market initi quot agenc contract system quot specif germani personnel cost coco structur agenc system quot agentursystem quot includ busi station exclud part shop car wash distinct made dealer own station compani own station quot test station quot compani oper station dealer own station concern oil compani strong posit agent depend oil compani set price instanc dealer oper servic station bear esso brand germani agenc contract contract exxon own fuel store station premis set retail price agent system secur margin dealer remuner commiss base sale volum unrel pump price agent receiv margin sale typic pfennig litr dealer oper pfennig litr dealer own station commiss higher dealer own station dealer bear cost compani own station compani own dealer oper agent station concern contract long durat year extend period year make difficult competitor enter length exxon dealer suppli contract vari amount averag conveni store major element profit servic station germani subsidis fuel price run subsidiari oil compani compani quot lekkerland quot oil compani receiv rent return compani quot agenc system quot appli shop ow sever regul open hour shop supermarket conveni store import retail facil germani food beverag sale germani conveni store attract custom aim enhanc servic qualiti imag fuel retail rent receiv shop busi gener import profit offset lower demand fuel import conveni shop expect increas consid major power differenti white pump brand major invest heavili servic offer base signific brand loyalti german custom strategi maintain profit market share differenti brand quot price cutter quot western germani eastern germani differ term suppli welfar market player eastern western part germani argu form separ relev geograph market differ price market share similar assert confirm commiss investig reason price differ region limit case inferior price differ western germani typic price slightli lower eastern part germani fact due massiv entri market earli tradit western germani retail duplic market share länder result excess capac pressur price manifest market share differ western germani eastern germani histor basi german reunif monopolist posit minol suspend elf market share western germani acquir minol market leadership elf posit market leader market share reduc competitor minol deterior network competitor gain market share servic station strateg locat deterior minol network rationalis expect eastern german market evolv slowli market share ventil west thirdli differ legisl fiscal provis environment oblig fourthli natur barrier eastern western part germani mean uniform price increas western part defeat margin competit limit eastern part western part sort rippl effect pre merger environ current statu competit market structur major aral shell esso bp dea quot brand quot market hyper super market white pump import brand jet conoco parti figur aral market leader shell exxon dea bp mobil elf totalfina agip kpi price cutter account hypermarket jet conoco white pump smaller brand avia tamoil account variat market share brand brand tabl gt tabl gt competit dynam cost price notifi parti pump price vari margin germani price differ explain higher oper cost rural area transport cost minor extent remot area market investig reveal german market typifi situat brand charg price similar level remaind competit price pfennig brand price supermarket offer price pfennig brand price structur vari time aral market leader price initi brand variabl pattern rest competit major impact price vertic integr oil compani aral shell esso bp dea show similar compani structur compar competitor good access purchas suppli market aforement compani condens retail network relev geograph market multipl link exist compani materialis jv refineri exchang storag airport fuel suppli lead ident compar purchas cost brand lower price brand supermarket tend follow price trend result commiss market investig price initi major rare major follow price war occasion occur limit period time instanc supermarket open fuel retail outlet competitor major rais fuel price compani follow order advantag higher margin fuel retail industri understood market share gain compet major lower price addit competitor due low margin high invest cost meet environment requir sustain price war competitor brand offer lower price oper effici cost structur major overhead cost time slightli lower market advertis cost smaller shop site invest personnel offer limit servic brand sell price pfennig major limit size compar brand compani elf agip fina total omv claim individu market share major react conoco enter market late market investig reveal todai competitor offer price differ pfennig localis price war neighbourhood explain commiss year ago conoco test unman servic station price pfennig lower major price major react conoco accept suppli stop price war rais price reduc potenti volum shift price cutter maximum third exist volum small independ compani offer cheaper pump price suffici permit conclus competit price independ compani activ region typic lower throughput averag industri higher fix cost unit product sold compens lower throughput lower servic remain competit throughput increas independ compani posit exercis competit price variabl cost distinctli higher major graph repres cost function throughput exxon shown cost remain fairli stabl tradit servic station german servic station qualifi bundeskartellamt assess independ exercis competit pressur brand compani point confirm commiss market investig independ retail low margin start compet basi price major time presenc geograph focus suffer price competit brand major compet supermarket offer low price week price reduct fridai higher price sundai supermarket close germani hyper supermarket import competit impact market franc exert area price control major supermarket small market share hypermarket signific competit threat major reason hypermarket offer fuel highli fragment nationwid chain price typic lower major offer servic custom limit open hour shop offer forecourt accept cash payment contrari happen franc entri market contemporan supermarket integr suppli chain captur signific throughput benefit specif cost advantag compar brand limit competit expect supermarket major concentr big citi independ activ rural area small medium size town competit throughput higher town cost lower rural area big invest person contact import fuel price higher rural area germani quot agenc system quot help avoid price war major absolut control price major control price oper agent independ dealer agent accept price price chang automat comput system parti fuel retail knowledg pump price increas put practic allow suffici time chang price pump basi market observ southern germani conclus signific competit brand base public domain spot check studi assess price increas initi major brand compani initi price increas basi agre variabl schedul competit market competitor waiv opportun increas price order improv imag ey consum barrier entri expans potenti competit western part germani access expans limit due properti restrict numer plan issu specif legisl limit opportun build outlet local author note germani highli popul make creation outlet difficult costli environment consider plai import role deter entri expans environ legisl stricter european countri stage ii liquid tight pavement requir signific invest expect trigger network reduct agenc system allow oil compani prolong durat dealer oper servic station form import barrier entrant final loyalti system brand repres qualiti servic consid import german consum make entri difficult market entri easier eastern part germani ail minol network rebuilt typic long durat western german retail contract properti suppli hinder entrant major want attain market share eastern germani west servic station overs time bigger station western germani face low throughput moment station east capac result station face financi problem white station hypermarket market share east face low throughput competit supermarket eastern bloc countri german market satur market throughput low demand project decreas servic station close servic station open trend continu futur post merger environ impact oper competit impact present oper assess background regard featur identifi section devot structur characterist retail motor fuel market gener merger result brand strong link aral esso bp mobil hold retail market brand shell dea market creation link major competitor german motor fuel retail market lead materi incent compet compani brand shell dea challeng absenc signific competit part aral esso bp mobil explain recit german market characteris absenc real challeng brand quasi immediaci price instruct major competit landscap shell tradition focus qualiti price dea seek benefit higher margin stabl market share lower margin market share reason brand competitor challeng situat hold altogeth market market share harm price war brand brand cross subsidis greater size depend extent brand compani obtain suppli motor fuel thirdli jet conoco bear higher cost basi brand oper result creation oligopolist domin posit brand exxon bp mobil aral shell dea luxembourg gener overview refin refineri locat luxembourg suppli motor fuel secur import neighbour countri primarili ara region secondari mean transport essenti rail barg truck specif market seek import product luxembourg option arrang capac termin locat luxembourg purchas barg lot fuel supplier ara region deliv barg lot termin neighbour countri truck product luxembourg wholes retail oper luxembourg vertic integr oil compani wholesal activ limit respect logist risk foreclosur exist level termin store motor fuel essenti activ termin luxembourg strateg situat riverport mertert approxim own independ termin compani ow small size countri depot locat neighbour countri repres competit altern retail oper luxembourg retail market motor fuel retail luxembourg characteris specif featur motor fuel demand stimul govern polici low petroleum duti result pump price lower neighbour countri result volum sale larg rel size countri sale concern quot resid quot custom neighbour countri motor fuel pump price cap govern fix maximum pump price price regul favour align retail pump price maximum ceil fix govern pre merger environ current statu competit luxembourg distinct geograph market argu luxembourg constitut distinct geograph market geograph locat specif market condit exist countri milit favour separ market respect worth note due light tax burden commun luxembourg lowest tax price usd mt compar neighbour countri luxembourg motor fuel price differ vari minimum approxim germani franc tabl market structur suppli side competit environ characteris presenc number vertic integr oil compani oper retail activ player hold market signific advantag term access sourc suppli refineri locat luxembourg due small size countri rel proxim import refin region ara retail procur motor fuel suppli network signific extra cost compar european averag hypermarket supermarket activ luxembourg independ retail margin posit pre merger situat tabl show estim market share volum parti competitor year gt tabl gt market appear moder concentr shell market leader aral approxim total merger fina increas market share exxon mid size player share bp small share pre merger cr close term market share trend market show evolut bottom rank explain small quantiti question posit lead player remain stabl time specif period year total doubl market posit disregard merger fina bp texaco regist decreas roughli sale contrast stabil lead player market shell aral exxon higher shorter tempor horizon refer year static natur market appear accentu except total recent merg fina market share variat absolut insignific worth measur market posit player refer number station site gt tabl gt base figur appear oper compar number site shell aral station total fina exxon site bp own site term evolut time stabil pronounc lead player import variat concern regist highest decreas reduct station year exxon reduc station total number period year strike number site extrem high size countri concentr station small territori hint expans term site consider appear year market motor fuel retail luxembourg remain static main player shell aral exxon texaco totalfina bp mobil dramat record demand remain flat year competitor maintain posit competit dynam cost price cost major factor profit retail network throughput higher throughput lower site averag oper cost order make cost comparison player market chart show averag throughput site player year gt tabl gt take refer year complet data note bp highest throughput due fact own big site retail total highest throughput station throughput refer situat merger fina exxon texaco shell compar averag throughput lowest averag site gener term averag throughput industri high luxembourg compar averag countri gt tabl gt averag throughput site view industri allow retail reach minimum effici scale cover fix cost respect intern studi conduct parti show ordinari servic station achiev effici scale precis gener throughput realiz gross margin cent litr basi appear lead oper signific advantag term oper cost site price order fulli competit environ exist motor fuel retail luxembourg worth compar pre tax price trend countri affect oper product retail motor gasolin pump price gt tabl gt product retail diesel pump price gt tabl gt tabl pre tax price luxembourg year usd mt usd mt essenti due price declin crude oil gener term pre tax price averag band commun price worth compar gross margin countri affect oper exxon gross margin proxi industri averag gross margin gt tabl gt tabl reach peak netherland austria gross margin luxembourg nonetheless high comparison french margin parti constrain competit europ percentag term luxembourg margin french margin special extra cost relat peculiar luxembourg territori explain differ tabl show comparison exxon transport deliveri cost exxon quot wholesal cost quot abovement countri gt tabl gt tabl appear transport deliveri cost european averag hand quot wholesal cost quot substanti higher luxembourg franc differ explain differenti exist level gross margin luxembourg franc specif deduct extra cost luxembourg margin remain higher gross margin franc luxembourg servic station higher averag throughput lower averag cost french servic station view product homogen motor fuel high margin suggest substanti deficit competit market specif featur luxembourg market price regul specif featur market luxembourg fact govern set maximum price grade motor fuel specif ministri econom affair oper system maximum wholesal retail pump price concept maximum price formula base main compon cargo market quotat ii base wholesal margin suppli oil compani iii addit compens cost rail transport cost compulsori storag cost environment invest iv dealer margin price place result cargo market price result chang margin compon formula offici wholesal margin base prevail actual maximum price daili cargo market price calcul daili ministri industri calcul includ excis tax vat rise cargo market price prevail maximum price establish actual margin industri fall defin base margin cargo market price fallen convers true actual margin base margin level foreign exchang rate fluctuat actual versu base margin maximum price determin local currenc varianc trigger maximum price ministri work basi maximum price justifi differenti maximum actual calcul margin product exce luf litr consecut dai exce luf litr consecut dai maximum price subject govern approv mean immedi follow period price deviat industri ministri track amount recoveri caus cargo market exchang rate fluctuat versu base margin recoveri typic compens deliber delai reduct maximum price cargo market price fall recoveri offset delai implement maximum price increas cargo market price rise adjust price formula occur request industri order cover increas cost case applic price margin increas made local petroleum industri associ price aris includ increas margin rare compar reflect cargo market exchang rate respect worth note past month june maximum price motor gasolin maximum price diesel margin place august undisput govern intervent fix maximum price distort factor proper function market hand prevent retail compet price govern price ceil matter fact competitor appli maximum sale price determin govern minor discount grant rare case essenc retail align price govern price deviat price investig conduct commiss appear fuel retail oper sell motor fuel discount price white pump oper price litr maximum price brand station total exxon price litr maxima short moment competit game properli function practic competit main motor fuel retail systemat adapt pump price govern maximum price entri barrier expans potenti competit entri barrier common sector major impedi newcom enter luxembourg market motor fuel retail satur market term number station site greatli reduc possibl creat outlet entri luxembourg market aggress competitor note hypermarket forecourt luxembourg importantli barrier futur entri insurmount nation local govern luxembourg stringent permit law regul access commerci properti limit small size countri thirdli commerci properti expens fourthli luxembourg small size sustain signific growth supermarket final demand motor fuel luxembourg constitut transit traffic foreign attract low price clear demand captur hypermarket sell motor fuel post merger environ impact oper competit impact present oper assess background regard featur identifi section devot structur characterist retail motor fuel market gener current situat presenc main player perform market motor fuel retail luxembourg term price competit poor presenc price cap fix govern motor fuel retail align pump price ceil avoid compet margin secur govern formula gener ineffici retail stai market suffer competit matter fact player market deviat govern price function cartel benchmark pump price vari virtu initi player adjust decid govern undisput competit dynam distort exist govern regul fix maximum pump price fact competit function price cap motor fuel retail prefer avoid price competit sum date market characteris substanti deficit competit direct result oper combin entiti jointli control small size player exxon bp mobil account link exist mobil aral competitor number luxembourg market base approach oper substanti increas degre concentr market trio constitut exxon mobil bp mobil aral account roughli market importantli oper chang structur oligopoli result creation aggreg player consider market power consequ market characteris presenc lead aggreg player exxon bp mobil aral forc shell number quot follow quot respect oper result exist oligopoli significantli tighten possibl competit player market remot merger market structur competit move conceiv trigger strong widespread reaction instanc govern rais elimin current price ceil oper make market particip adopt competit stanc action result strong widespread reaction similarli potenti entrant face stronger widespread hostil current market player light appear oper result creation strengthen collect domin posit held shell aral exxon texaco totalfina bp mobil result effect competit significantli imped substanti part common market netherland gener overview netherland eu countri affect oper motor fuel retail concern categori player present integr oil major shell exxon bp mobil texaco totalfina integr independ brand unbrand retail retail market characteris high degre concentr oil major account volum trade remain share independ oper oppos nation market notabl unit kingdom franc supermarket activ fuel retail netherland wholesal suppli fuel organis local integr integr retail suppli retail network local refineri shell exxon total bp texaco number servic station decreas recent year servic station make averag throughput lowest relev market examin pump price highest plan permiss polici govern restrict relev market consid make prospect expans retail network poor due topographi countri soft absorb soil environment legisl requir eu consequ increas oper cost refin major oil compani shell exxon bp mobil texaco totalfina main sourc suppli motor fuel oper refineri netherland tabl sixth refineri amsterdam own smith amp holland produc motor fuel asphalt product refin capac netherland gt tabl gt roland berger amp partner gmbh wholes netherland net export refin petroleum product motor fuel intend suppli retail network local sourc refineri major oil compani main wholesal supplier fuel trade product market organis independ oper resel retail market retail retail level categori oper integr major oil compani hand number integr independ retail hand mention preced paragraph independ retail sourc practic motor fuel refin hypermarket activ forc fuel retail due stringent environment polici impos govern servic station fact gener supermarket netherland larg forecourt accommod servic station case franc unit kingdom reportedli supermarket activ fuel retail netherland year ago face increas environment cost burden decid leav market exxon instanc bought station miro supermarket chain close year dutch permiss polici servic station close owner lose licenc exit market past year current government attribut system enter pre merger environ current statu competit market structur characterist market conduc oligopolist structur integr major asymmetri market posit stabil market share outstand share characterist major vertic integr similar refin wholes retail cost structur similar return capit expenditur reflect market function margin price level independ competit dynam ara area shell lead player nation quot champion quot reportedli predomin dutch market due histor reason discoveri jointli exxon groningen natur ga field compani encourag govern reinvest netherland revenu ga discov shell reinvest revenu downstream sector build refin capac extens distribut network shell market share retail market shell larger player bp mobil account retail market texaco exxon totalfina market share rang smaller presenc retail level compani account market leav remain part number independ retail white pump basic characterist differenti major absenc vertic integr consequ suppli depend major retail market share gt tabl gt parti data stabil market share year reflect lack intens competit absenc market entri notic fluctuat record rel competit posit competitor tabl show movement market share retail level year movement retail market share gt tabl gt parti data market posit reflect distribut outlet netherland territori retail market domin major refin account exist servic station number outlet decreas year result environment rationalis restrict plan polici major develop network detriment independ retail number servic station netherland gt tabl gt parti data competit dynam cost price cost major refin drive largest retail volum fuel cost effect realis largest volum site ratio tabl show averag throughput realis major independ netherland averag throughput gt tabl gt averag throughput major larg averag throughput independ result concentr differenti increas differ throughput explain main reason larger size outlet oper major brand exclus larg outlet locat motorwai prime locat major outlet report commiss netherland govern major oil compani financi surfac build oper larger outlet locat prime locat histor establish extens network high throughput outlet dutch motorwai concess assign major oil compani accord exist market share permiss polici prove unjustifi restrict abandon replac polici concess highest bidder unlimit period time higher throughput reduc cost basi retail sens major expect profit margin independ retail absolut gross margin similar rel cost major spread larger turnov basi situat favour creation economi scale oper major retail network profit margin increas turnov rise netherland govern report market investig current competit environ massiv concess expect attribut economi scale prerequisit player remain viabl market shrink network independ larg degre explain absenc economi scale smaller network outlet price price netherland high compar fuel econom ara rang refineri price align platt level wholesal retail margin price disproportion higher result higher pump price comparison neighbour market suppli environ instanc year pump price higher franc parti constrain competit europ tabl show wholesal pump price higher netherland neighbour market align platt ara quotat gt tabl gt differ attribut higher excis duti vat applic netherland tax slightli lower netherland substanti higher gross distribut margin doubl french period tabl variat gross margin wholesal price retail price tax exclud neighbour geograph market align platt ara quotat averag gross margin gt tabl gt extrapol parti data annex substanti differ attribut higher cost major compon distribut cost termin transport netherland sourc suppli numer locat local refineri suppli practic retail market distanc travel small make direct distribut sourc suppli sale point matter hour storag logist cost substanti reduc transport cost similar benchmark market barg moga retail price rail pipelin truck respons statement object parti contend higher distribut margin netherland larg attribut high retail margin accru servic station oper suppli oil compani addit netherland fuel retail bear addit extra cost due loyalti scheme strict environment regul undisput dealer margin netherland highest europ note fact wholesal price margin inexplic high netherland structur characterist region tabl show comparison exxon gross margin dealer margin netherland franc gt tabl gt appear dutch wholesal margin remain rang higher french margin differenti explain extra cost claim parti fidel scheme environment regul incident cover dealer own site sum higher price environ netherland show deficit competit core dutch retail market unrel price trend prevail neighbour market price structur higher territori frontier area direct competit neighbour market case area netherland german frontier lower german price influenc price dutch outlet characterist order prevent deterior margin area netherland govern decid establish compens system sustain independ retail barrier entri expans potenti competit entri barrier major barrier entri expans dutch retail market link stringent environment polici consequ restrict concess polici govern part reduct number servic station due netherland govern report incent close govern servic station compli requir environment legisl soil contamin prevent oper licenc issu citi provinci author gener author make locat servic station market satur impos requir term safeti environment protect keen give permiss oil major independ white pump reportedli independ applic wait year licenc oppos oil major obtain licenc quicker side infrastructur work part packag bid tender licenc replac attribut highest bidder oil major posit expand network potenti competit competit potenti independ retail substanti reduc market appear function supracompetit price equilibrium integr integr retail winner major oil compani activ level suppli chain fuel wholesal supplier retail independ activ retail obtain fuel requir local major case exclus yearli renew suppli agreement revenu integr oil major realis stage suppli chain retail retail level gross wholesal margin accru oil major contrast retail margin accru major independ clear integr oil major tremend financi advantag independ higher degre flexibl case price competit reportedli oil major offer loss compens scheme retail network case local price war financi avail fact hold sourc suppli made larger oil major shell profil price leader market investig shown retail price increas independ retail follow price rise attract increas profit margin higher price sell volum lower margin outlet function peak throughput capac increas throughput involv expans fill station retail network made difficult high increment cost link expans fill station ii fact possibl extens retail network limit reason state recit likelihood price war initi independ substanti reduc seri reason independ increas volum trade ceil decid engag price war put jeopardi futur suppli contractu arrang oil major price war side limit durat oil major match lower price affect financi situat longer run independ turn sourc suppli cargo market investig shown gener independ retail reluct cargo market price necessarili competit price local refineri order achiev price cargo market volum purchas substanti netherland averag throughput independ retail gener lower neighbour countri larger independ supermarket obtain suppli cargo market franc germani independ requir litr site week cargo market price attract volum purchas litr compel independ team pull joint purchas addition handl storag cost elimin price advantag independ retail state qualiti product guarante purchas made cargo market gener chose bui product local refineri order ensur product qualiti advantag loyal custom refineri result independ retail price follow long retail margin squeez case exit market sell outlet major low prospect potenti competit independ illustr case studi quot netherland govern report local author citi almer persuad white pump enter local market facilit procedur obtain concess order break local oligopoli exist servic station return concess white pump commit offer retail price lower competitor white pump instal vicin exist servic station servic station activ border almer exist servic station major brand year white pump achiev adequ turnov servic station newcom reduc price volum sale almer increas period servic station follow price reduct lost market share year servic station offer price white pump year white pump increas pressur reduc price time price decreas competit swiftli white pump increas price servic station word white pump transform newcom price leader case servic station offer price attract extra turnov white pump discount goodwil cultiv local market fact white pump appreci price fighter goodwil effect fade period time white pump retail reduc price bare break servic station major oil compani hand follow price leader swiftli receiv compens oil compani reduc distribut margin white pump competit local servic station oil compani moment price fuel almer return level white pump introduc moment white pump decid sell oper highest bid major oil compani light conclud potenti competit independ retail exert substanti pressur major oil compani post merger environ impact oper competit impact oper assess background regard featur identifi section devot structur characterist retail motor fuel market gener result oper oligopolist structur market reinforc presenc competitor account jointli half market cluster compar mid size player texaco totalfina rest market remain scatter small fring independ retail compani notifi oper lead concentr oil major current oligopolist environ tighten make interact player easier implement monitor post merger scenario poor econom perform dutch retail market exacerb independ retail incent fight price contrari benefit price increas major retail level circumst final consum wors conclud concentr lead creation reinforc collect domin posit retail market held major oil compani shell bp mobil exxon texaco totalfina unit kingdom gener overview refin unit kingdom net export refin petroleum product tradition petroleum product directli sourc inland refineri import ship continent europ scandinavia gener direct independ resel result refin intra group trade major fuel refineri unit kingdom locat southern half britain connect main pipelin cover england wale access ship note scotland refineri bp mobil grangemouth site serv local distribut termin main refin unit kingdom bp mobil exxon shell approxim total capac refin elf total fina texaco conoco vertic integr oil compani retail activ unit kingdom individu account total domest refin capac wholes import nation refin motor fuel sold cargo market export transport retail end user resel case petrol diesel collect directli refineri gate import storag facil distribut road case motor fuel transport distribut termin locat unit kingdom suppli inland pipelin network sea rail motor fuel collect road tanker distribut nearbi custom england wale motor fuel transport pipelin connect refineri distribut termin scotland network product ship bp mobil grangemouth refineri retail sector unit kingdom appear competit present firstli fact present compani appear hold retail sale motor fuel parti confirm fact compani repli commiss enquiri retail price motor fuel gener reflect intern platt index transport cost refineri import termin concern difficulti suppli offic fair trade oft reach similar conclus report competit unit kingdom petrol sector found competit condit quot mini major quot tend return wholes loss year import factor competit appear chronic excess refin capac unit kingdom total refineri output petroleum product higher domest demand level gap expect bridg closur shell shellhaven facil smallest refineri unit kingdom repres approxim total demand explan signific number independ compani oper distribut termin import product cargo market suppli product refin retail hypermarket unbrand retail presenc ensur larg end user custom refin retail readili find suppli competit price pre merger environ current statu competit market structur unit kingdom market characteris presenc substanti number competitor addit main refin exxon bp mobil shell collect hold market number oil compani total fina elf texaco conoco activ market hypermarket independ retail evolut market share term volum summaris gt tabl gt retail sector broadli divid main tier quot major quot exxon bp mobil shell ii quot mini major quot total fina texaco conoco jet elf iii hypermarket tesco sainsburi safewai asda iv independ retail exxon bp mobil shell quot major quot main retail unit kingdom market share term volum rise extens geograph coverag high number site achiev low cost low suppli cost due direct suppli hous refineri swap refin ii high averag throughput site approxim iii forecourt shop yield addit revenu profit market share term volum slightli increas reach total total fina texaco conoco jet elf vertic integr oil compani refineri unit kingdom belong categori super major substanti lower market share limit presenc fewer site compani texaco obtain suppli directli hous refineri swap refin face higher suppli cost super major return wholes loss year final compani achiev substanti lower throughput approxim super major bear higher retail cost final unlik super major collect market share declin amount total approxim hypermarket tesco sainsburi safewai asda sell motor fuel fill station establish car park premis locat urban dens popul area limit geograph coverag confirm low number fill station hypermarket brand oper site hypermarket suppli refin bp mobil procur larg volum motor fuel sourc trader import repres approxim suppli hypermarket fill station gener achiev larger throughput typic site own retail gave substanti cost advantag retail super major reduc number fill station oper order reach higher throughput hypermarket gain consider market share year amount total tesco fourth largest fuel retail unit kingdom oft dramat growth primarili underpin sustain substanti price advantag penc litr competitor fuell strong expans annum number fill station establish explain indic due capac constraint barrier expans rise cost hypermarket market share increas substanti incom year independ fill station quot histor quot site set long time ago sell fuel product heat oil groceri appar find suppli easili independ retail vertic integr bear higher suppli cost result commiss enquiri suggest retail cost higher retail low throughput typic number site locat rural area charg higher penc litr price exchang addit servic conveni instanc site oper villag shop post offic aggreg market share declin competit dynam cost price histor perspect indic prior motor fuel retail sector substanti competit late earli major appar realis growth hypermarket threat busi potenti lead market structur franc hypermarket hold approxim market share price tax low exxon decid rais hypermarket cost lower cost draw volum hypermarket back major exxon engag intens price war major pricewatch campaign drastic cost reduct scheme caus price drop consider reach level retail appar report loss half price rise attempt began deliv result support exxon appear rise period exce level histor price hypermarket cargo market price final period major bridg cost differenti hypermarket market fulli competit fact earli pre tax petrol retail price higher franc drop year context hypermarket appar oft quot supermarket left larg unchalleng oper price significantli lower offer rest market oil compani attempt respond supermarket threat price support scheme site badli affect unsystemat typic local level major public quot late hypermarket share volum reach approxim oft quot continu loss volum rapidli expand supermarket network prompt major oil compani sever reaction hitherto quot context exxon fear quot esso retail market posit profit erod substanti year quot result strong reaction arm arm sever price competit expect draw volum back exxon hypermarket bridg gap cost exxon hypermarket aim prevent entri expans hypermarket arm drastic cost reduct scheme pricewatch campaign retail move bp late announc price nation respons supermarket exxon autumn quot pricewatch quot campaign scotland north east england launch nation januari shell declar match exxon offer pricewatch area pricewatch campaign consist match hypermarket price level commun scheme draw volum back exxon site hypermarket fill station major approach lesser extent half effect price competit devast retail margin gross margin drop lower franc level motor fuel retail oper appear break quot price restor quot loss prompt attempt hypermarket bp shell lead price increas earli attempt fail movement continu retail price reach level tradition charg hypermarket cargo market price contrari pre pricewatch situat movement continu hypermarket appar accept retail price rise level tradition charg pricewatch cost movement cost differenti hypermarket major appar order gbp litr favour hypermarket context price competit major fail addit cost orient scheme addit price competit major exxon hypermarket period characteris substanti cost orient action action cover number subject visibl import scheme consist reduc averag site throughput differenti hypermarket major fill station appear primarili achiev action price competit hypermarket aim draw volum back major increas total volum hypermarket reduc total volum result pricewatch exxon volum grown approxim half elimin econom fill station exxon lost brand fill station bp mobil lost combin site shell lost servic station note site lost dealer own dealer oper campaign result higher control major retail network result cost cut action competitor lost ground major hypermarket period appar follow pace impos hypermarket oil major market share group competitor drop mini major independ retail longer exert competit pressur unit kingdom motor fuel retail sector result market structur mini major independ retail longer exert real competit pressur fact mini major independ retail follow pace impos hypermarket oil major suggest fact face lower averag throughput oil major hypermarket final confirm fact individu competitor market share support oft report state quot independ retail profit margin case lower site compar area unsustain low retail quot hypermarket price follow indic hypermarket longer seek lead price competit action follow major hypermarket continu set price match lowest price displai main competitor site tend move polici activ seek post lower pump price kei oil compani competitor outlet confirm fact gross margin approach histor level expect increas year explan evolut hypermarket scope aggress competit action longer real cost advantag major addit result investig carri commiss suggest cost hypermarket rise futur site lower throughput face higher cost exist commiss enquiri show explan pricewatch hypermarket learnt aggress price major entail sever loss retail sector case incent price reduct result higher market share lower profit fact hypermarket gain aggress price confirm fact significantli expand sale volum result commiss enquiri difficult expand sale volum exist outlet obtain plan permiss site hypermarket plan open addit fill station station lower throughput profit hypermarket anticip signific growth market share conclus support oft report state quot supermarket petrol site close limit growth growth volum greater market share capac constrain petrol sale reach limit incent sell low margin reduc quot final hypermarket recent enter joint ventur major provis oper hypermarket brand shop major brand fill station exampl ventur bp safewai exxon tesco collabor present limit major brand site concern impact oper suppli hypermarket fill station creat long term relationship hypermarket major eventu extend hypermarket fuel retail busi case reduc incent hypermarket compet major hypermarket tradition act price leader motor fuel retail sector market share capac level price follow major confirm result commiss enquiri hypermarket case movement wholesal price gener major reaction decid movement major clear market leader contrari major strengthen weaken fierc price competit firstli fact combin market share increas approxim current gross margin lower exist earli aggress competit hypermarket start major current profit higher earli addit increas profit major obtain grasp market damag price war era born mini major independ retail hypermarket longer posit substanti threaten exxon bp mobil shell substanti number dealer oper fill station price easili control elimin light appear major clear market leader motor fuel retail sector unit kingdom signific competit aris rivalri member leagu competitor lost substanti capac incent fight exxon bp mobil shell parti respond tax pump price gross distribut margin unit kingdom remain lowest europ intens competit broad histor trend declin margin respons intens competit continu tax pump price gross distribut margin unit kingdom low cost instanc exxon cost drop contrast contradict parti object figur support parti assert parti submit document file commiss demonstr price increas major hypermarket hypermarket polici unbeat price catchment area chang notifi transact major exercis market power explain hypermarket continu post lowest price catchment area follow price rise confirm fact hypermarket tend move polici activ seek post lower pump price kei oil compani competitor outlet case price rise gener major reaction decid movement final consist fact hypermarket find difficult expand sale exist outlet open competit servic station context fact hypermarket complet follow price rise due repli suggest fact price rise unusu market retail fuel addit market structur appear provid strong incent oligopolist behaviour potent rise hypermarket fact market structur conduc oligopolist behaviour gener characterist motor fuel sector europ product homogen transpar absenc technolog evolut demand rigid absenc countervail bui power high entri barrier relationship exxon bp mobil shell vertic integr multi market contact addit gener featur structur unit kingdom market result recent evolut increas incent degre arguabl unseen year firstli unit kingdom market retail sale motor fuel appear stagnant year volum sold unit kingdom grown symmetri exxon bp mobil shell market share rang shell exxon argu stabil market share year import market share grown reflect increas major influenc motor fuel sector ii symmetri market share major increas year differ highest lowest market share reduc thirdli appear strong correl cost structur compani parti disagre point submit oper cost differ particip market wider parti submit exxon cost differ depend servic station format offer note nation strategi market player exxon defin basi averag break requir averag cost structur market player account discuss symmetri cost structur fact cost vari larg extent competitor confirm differ approxim gbp litr averag cost competitor indic symmetri cost competitor fourthli exxon bp mobil shell symmetr incent major achiev nation coverag unit kingdom market degre vertic integr share ownership storag facil pipelin final importantli major consider market power unit kingdom motor fuel retail sector significantli enhanc benefit major deriv coordin behaviour substanti increas incent act conclud parti submit oft report motor fuel retail sector unit kingdom competit appear major seiz control market signific competit aris rivalri member leagu rivalri due develop parti respond competit unit kingdom retail motor fuel industri intens ground unit kingdom competit author review market conclud highli competit explain market appear evolv significantli year fierc price competit mid give control major latest report oft market oper competit conclud quot market requir monitor ensur competit major player mute concentr quot entri barrier expans potenti competit exxon bp mobil shell challeng prospect market growth entri volum sold unit kingdom stagnant grown year market entri appear oft report state quot entri retail unattract low margin fuel sale cost compli environment legisl order earn suffici return entri fairli larg scale difficult obtain plan permiss greenfield site argu entri occur futur reopen larg number site close recent year tend smaller site environment regul site complet close tank fill concret site put altern make reopen site difficult build quot parti submit entri retail fuel market common cite exampl hypermarket entrant quot save quot network limit market share lost fill station post merger environ impact oper competit impact present oper assess background regard featur identifi section devot structur characterist retail motor fuel market gener explain unit kingdom market retail sale motor fuel led major competitor lost capac incent engag substanti competit exxon bp mobil shell structur market significantli conduc oligopolist behaviour major similar featur compar market share parti competit price exxon bp dynam assum influenc unit kingdom market price futur major strong incent oligopolist behaviour rivalri continu extent futur explain notifi concentr creat structur link exxon bp mobil result exxon exert signific influenc bp mobil ventur gener creat incent cooper compani addit presenc strong market relat incent cooper merger real competit exxon bp mobil elimin strong evid shell seek challeng competit posit exxon bp mobil shell join exxon bp mobil form oligopoli prior merger shell tradition aggress price competitor shell appear main particip price restor movement parti shell polici seek premium qualiti brand posit appli fuel led shell price product market indic shell seek chang strategi merger unlik exxon bp mobil shell engag joint ventur hypermarket propos similar offer lastli shell current strategi appear success market share motor fuel retail volum increas growth limit futur shell engag number partnership bp mobil exxon shell jointli own number distribut termin unit kingdom bp mobil exxon shell bp mobil particip ownership main pipelin network cover england wale shell link bp expect increas closur shell shellhaven refineri shell sourc substanti part refin fuel bp mobil coryton refineri final shell move competit postur incent oligopolist stronger year light conclud oper major engag oligopoli unit kingdom motor fuel sector uniqu competit posit wholesal sector exxon bp mobil shell activ retail sale motor gasolin diesel parti figur possess commiss current combin share sector order market figur underestim major actual market power respect note closur shellhaven refineri major collect repres approxim total unit kingdom refin capac approxim distribut termin unit kingdom particip major joint ownership addit distribut termin final exxon fawlei bp mobil coryton site refineri south south east england exxon bp mobil shell uniqu competit posit firstli refin compani opportun engag swap arrang refin obtain nationwid suppli condit refin signific competit advantag refin reach unequal volum sale gain unequal geograph coverag unit kingdom territori instanc major refin capac time high nearest competitor texaco conoco number distribut termin share consider higher competitor major depend swap refin lesser extent refin depend swap consequ cooper incent possibl impos harder condit swap arrang refin consequ post merger situat major posit deter local competit action entri refin wholesal extens geograph coverag offset cost result local competit action larger volum territori consequ post merger situat exxon influenc bp mobil shell major supplier hypermarket offer higher price restrict quantiti custom hypermarket express concern behaviour rais cost undermin competit downstream motor fuel retail sector refin overcapac substanti amount wholesal unit kingdom oper creat domin posit retail sector countri major uniqu competit posit sector explain increas competitor suppli cost parti submit fact compani major control approxim unit kingdom refin capac unit kingdom distribut termin demonstr call question conclus major exercis market power rais competitor suppli cost transact explain light figur commiss enquiri conclud wholesal sector remain competit parti argument appar fail address fact competitor wholesal sector smaller major limit geograph coverag access swap depend swap parti larger extent major depend swap call question fact major address rival suppli cost successfulli engag local competit action parti evid integr firm treat refin market separ busi parti vertic integr give major advantag versu integr player growth presenc integr firm hypermarket chain british fuel fact refin market treat separ busi preclud fact vertic integr give competit advantag integr firm refin access safe suppli swap major concern benefit extens geograph coverag distribut infrastructur pipelin distribut termin note hypermarket size presenc brand recognit make except competitor integr firm account small declin fraction retail sale unchalleng market leadership retail major main retail unit kingdom significantli main major combin market share approxim approxim time high nearest competitor tesco engag joint ventur exxon explain recit recent evolut motor fuel retail sector characteris declin tradit competitor major mini major independ retail result hypermarket move price leadership aggress competit postur posit price follow limit expect market share growth specif current market dynam show major gain market expens mini major independ retail expect evolut capac constraint hypermarket major combin market reach higher level year compani secur control retail market conclus reinforc oper explain recit major chanc rais retail suppli cost weaken competitor posit retail sector final limit geograph coverag hypermarket independ retail contrast major extens nation presenc exxon bp mobil shell collect engag select competit action area significantli damag competitor offset cost action limit nation price increas parti disagre fact hypermarket limit geograph coverag ground exxon servic station bp mobil servic station kilometr hypermarket note fraction hypermarket equip servic station hypermarket outlet equip adjac servic station parti site close hypermarket face competit hypermarket figur provid parti refer hypermarket figur mislead hypermarket reach nation coverag hypermarket chain individu limit presenc oper major market posit successfulli challeng major competitor light notifi concentr creat oligopolist domin posit exxon bp mobil shell market retail sale motor fuel unit kingdom result effect competit imped member state signific part eea aviat lubric aviat lubric refer ester base turbin lubric aviat synthet turbin oil lubric turbofan engin commerci militari aircraft aero deriv applic develop basi aircraft engin technolog marin turbin engin turbo lubric power gener industri accessori paragraph product market definit commerci aircraft lubric militari aircraft lubric lubric aero deriv applic constitut distinct product market product process typic stage regular lubric manufactur blend synthet base stock addit ingredi manufactur regular lubric case automot lubric manufactur process finish lubric requir prior commercialis airborn equip approv relev organis instanc relev militari author oem contrast automot lubric due higher safeti standard aviat lubric compli approv process aviat lubric stringent lengthi main categori buyer aviat lubric commerci airlin militari industri custom market definit relev product market aviat regular lubric part market parti advanc argument aviat lubric part market regular automot industri lubric examin categori lubric substitut demand side parti claim substitut suppli side regular lubric manufactur activ aviat lubric readili good time switch product process aviat lubric point support view raw materi requir blend aviat lubric polyol ester base stock addit larg blend equip categori lubric thirdli blend overcapac make reassign blend facil econom suppli side substitut automot lubric clean blend equip previous automot lubric convert short period time equip dedic manufactur aviat lubric market investig conclud regular automot industri lubric aviat lubric constitut separ product market demand side substitut higher safeti requir aviat lubric oper environ automobil aircraft engin elimin demand side substitut regular automot lubric parti deni statement suppli side argument parti conduc exist singl market reli pure logist aspect suppli substitut assum substitut blend equip technic manufactur question express reserv possibl blender regular lubric start blend aviat lubric full market entri achiev easili readili characteris signific barrier discuss paragraph addition regular lubric substitut aviat lubric result paragraph exist narrow product market aviat lubric commerci aircraft engin militari aircraft engin aero deriv applic commerci militari aero deriv applic exist narrow market aviat lubric evidenc lack demand suppli side substitut categori mention lack demand substitut categori aviat lubric result continuum qualiti characterist limit intend respect product aviat lubric commerci aircraft engin fulfil higher qualiti safeti requir militari aircraft engin militari engin overhaul frequent time overhaul hour compar hour commerci engin lack suppli side substitut result specif requir amount time market entri narrow aviat lubric market order achiev full market entri market commerci aircraft lubric potenti supplier observ typic step requir prior commercialis product typic procedur outlin year lubric militari aircraft engin year lubric commerci aircraft engin order market product satisfi major airlin oper mix fleet aircraft supplier make extens research view product formul cumul time requir step vari month incumb manufactur year entrant stage supplier chose engag militari commerci accredit process manufactur commercialis product intend industri applic mean turbin engin oil drill ga pump electr gener marin turbin engin subsequ supplier start sell product intend militari commerci aircraft respect militari oem approv supplier obtain approv government militari agenc navi uk mod french dga process entail laboratori test glasswar rig engin bench test year prerequisit applic oem test requir prior grant full approv oem supplier choos proce oem approv requir product intend commerci airlin case supplier focu lubric intend militari custom parti militari market bid driven brand loyal select step full market entri commerci aircraft lubric market oem approv consist full accredit major aircraft engin accessori commerci airlin compris major engin manufactur gener electr roll royc pratt amp whitnei alli signal snecma intern aero engin cfm intern major engin model major accessori manufactur major accessori apu csd idg at process compris laboratori test glasswar rig engin bench test model lengthi flight servic evalu model parti estim cumul time requir start formul full approv commercialis commerci aircraft lubric year parti claim downward trend time need obtain commerci oem approv engin manufactur requir flight evalu engin instanc pratt amp whitnei revis program requir evalu engin reduc time cost requir militari commerci approv year usd parti explain averag time period requir commerci oem approv rang year cost usd case amount consider barrier entri technic viewpoint commerci aircraft lubric militari applic revers true due addit test requir civil aviat approv lubric aero deriv applic requir pass limit approv process technic viewpoint commerci militari lubric applic revers technic unfeas illustr substitut airlin product aero applic fly ground equip reason bui higher qualiti lubric commerci aircraft engin obtain oem approv suppli demand substitut oper direct illustr reduc number supplier commerci airlin exxon mobil lesser degre shell castrol larger supplier base militari major number smaller specialis manufactur nyco henkel hatco basi evid fair conclud aviat lubric sector constitut distinct product market divid intend oper materi affect market commerci aircraft lubric relev geograph market parti suggest geograph market worldwid state manufactur suppli worldwid network plant aviat lubric travel easili low cost price similar region world trade barrier market investig confirm definit type aviat lubric geograph market consid world competit assess exxon mobil account worldwid product sale ester base turbin lubric exxon mobil main supplier shell castrol nyco market commerci aircraft engin lubric combin market share merg parti significantli higher parti estim combin market share end exxon mobil shell airlin competitor question market investig combin entiti wind market present shell castrol altern supplier worth note shell custom airlin sell margin eu commerci carrier exxon mobil insurmount market leadership competitor due histor market condit aviat lubric industri suffer poor profit high cost base result continu research develop trigger technolog advanc aircraft manufactur consequ supplier withdrew market question parti high level commit commerci aircraft engin market command merg compani commit begin develop jet turbin technolog evolv supplier choic main airlin parti larger share market due decad long dedic aviat lubric supplier focus market castrol industri militari shell militari aviat product hatco ester base stock sale rebrand militari sale parti claim hold insurmount technolog leadership technolog requir compet matur true chang fact high barrier entri market due approb procedur make entri price rais fact remain manufactur aviat lubric tend specialis lubric chemic manufactur concentr aero deriv militari applic hatco major supplier ester base stock supplier militari aero deriv applic commerci approv shell nyco fr independ supplier rang militari aviat product engin manufactur approv anderol supplier aero deriv applic reduc activ militari aviat applic henkel supplier ester specialis activ direct aero deriv militari applic approv commerci aviat lubric manufactur ester base turbin lubric product market serv includ arpol petroleum rebrand militari bp marin british rebrand industri caltex rebrand industri delta petroleum rebrand militari industri hexagon rebrand militari industri petron intern rebrand militari total french rebrand militari velsicol rebrand militari industri made clear exxon mobil lead supplier aviat lubric product destin commerci aircraft engin largest manufactur capac aviat lubric actual competit market commerci aircraft lubric reduc merg supplier respect price increas year remain bargain advantag custom remov elimin competit parti claim combin entiti rais price competit level establish supplier expand sale potenti competitor enter market investig shown demand commerci aircraft engin lubric inelast consequ low cost aviat lubric total cost aviat product commerci airlin accru prioriti custom ensur highest level flight safeti increas switch cost prevent shop instanc parti explain custom incent continu purchas current supplier incur cost chang jet oil brand includ notifi file form local govern aviat author includ feder aviat author fly chang copi oper mainten manual issu notic airport fly parti airlin make lubric purchas decis base technic histor perform evalu strongli relat price combin market share merg entiti posit behav independ competitor custom parti argu low price elast demand market entri trigger exist competitor castrol hatco shell expand product aero deriv militari engin lubric commerci engin lubric addit claim entri sponsor airlin respons higher price market investig shown market entri necessarili encourag prospect demand growth year substanti hamper high increment entri cost pertain approv requir concern ensur profit drive sale volum addit parti state supplier commerci aircraft engin lubric compet market viabl optim minimum market share requir fact exist supplier reduc share smaller custom base entrant market lubric commerci aircraft engin past year parti argu airlin custom base signific buyer power point concentr trend airlin industri increas countervail power airlin fact aviat lubric constitut signific cost area airlin investig shown concentr trend lead strateg allianc airlin focu cost seat sale engin depart combin power relev lubric supplier parti suggest supracompetit price increas advers effect aviat product airlin custom purchas supplier airlin question view aviat lubric stand product lubric substitut sight exist aviat product influenc ongo commerci relat commerci aircraft engin lubric oper bring elimin competit main compet supplier lead creation domin posit held merg entiti market aviat lubric commerci aircraft engin aviat fuel product market aviat jet fuel kerosen type fuel power jet aircraft engin similar domest kerosen heat purpos unit kingdom meet strict perform specif previou decis bp mobil shell gulf oil aviat fuel constitut separ product market motion fuel motor gasolin automot diesel marin fuel notifi parti support view geograph market parti state aviat fuel worldwid market wider eea support view refer fact aviat fuel sold bid basi global suppli contract airlin requir supplier deliv product airport world price platt relat make aviat fuel price cargo market world track close commiss fact conduc singl worldwid market distinct made manufactur aviat fuel worldwid relev actual suppli aviat fuel specif locat infrastructur logist limit geograph scope competit work cargo market price align due commod charact product reflect gener price align refin petroleum product uniform price raw materi crude oil uniform cost structur refin process transport cost world expect case refin petroleum product aviat fuel uniform worldwid price suppli aviat fuel specif airport worldwid charact market fade airlin launch global tender necessarili select supplier worldwid requir contrari select attract bidder airport specif basi depend rel strength advantag supplier locat price charg load product plane differ contract competit environ vari airport locat due distribut infrastructur suppli aviat fuel airport gener dedic specif airport supplier produc aviat fuel win contract airlin access specif distribut load infrastructur enabl effect market product final stage suppli chain aircraft competitor question market investig contest worldwid scope market airport specif market exist case airport locat area instanc london airport heathrow gatwick london citi sens demand side price jet fuel increas airport airlin switch airport order benefit cheaper jet fuel result constraint slot avail suppli side oil compani abil switch suppli airport depend access logist infrastructur suppli side substitut limit parti admit access airport suppli infrastructur import state strong competit varieti supplier supplier appear airport form joint ventur area airport storag plane activ statement incorrect investig shown european airport gatwick london exist distribut infrastructur sever limit access supplier airport materi affect access condit exist supplier result merger gatwick suppli network dedic pipelin belong exxon consortium shell mobil bp texaco sens offer demand aviat fuel gatwick group airport close locat airport heathrow london citi airlin oper gatwick profit price variat occur airport order switch demand airport suppli compani switch suppli gatwick airport depend access logist infrastructur sens demand suppli condit gatwick constitut close system make substitut airport unfeas demand suppli match local circumst conclud suppli aviat fuel gatwick airport constitut distinct geograph market gatwick airport constitut substanti part common market term air traffic gatwick rank airport eea term consumpt aviat fuel gatwick repres total consumpt aviat fuel unit kingdom heathrow account remain unit kingdom airport altogeth total eea sale aviat fuel suppli process infrastructur parti airlin primari aviat fuel custom bui fuel plane mean supplier access logist infrastructur transport product refineri import termin airport aircraft infrastructur own major oil compani parti includ state airport suppli pipelin direct refineri rail barg refineri airport transport altern costli airport jet fuel store allow settl minimum dai airport storag jet fuel transport aircraft stand hydrant pipelin system special truck step call quot plane oper quot area airport storag plane activ supplier form joint ventur reduc cost achiev effici true move fuel refineri import termin airport proprietari fulli utilis pipelin network sever constrain access success market entri expans case gatwick airport aviat fuel suppli gatwick airport result merger combin entiti share jet fuel suppli gatwick market share combin high percentag ownership competit advantag mean suppli industri own pipelin west london pipelin walton gatwick pipelin exist exxon system directli link fawlei refineri gatwick competitor mean suppli constrain limit capac sever disadvantag competit point view exxon control substanti part jet fuel refin capac south eastern england own fawlei refineri acquir joint control coryton refineri present belong bp mobil note refineri area shell haven due close end year mean combin entiti total refin capac south eastern england mobil entitl jet fuel offtak coryton inland distribut note aviat marin fuel part exist bp mobil joint ventur parti combin share jet fuel suppli heathrow citi airport addit parti high percentag relev infrastructur suppli airport merger combin entiti control substanti share total pipelin logist serv gatwick consider share industri own pipelin attach suppli chart submit parti competitor exxon own pipelin link fawlei refineri gatwick parti access pipelin british airwai limit throughput right suppli altern direct rout gatwick ukop pipelin walton west london pipelin rout report lack suffici capac present ownership pipelin shown tabl industri own pipelin gatwick airport gt tabl gt altern mean access competit transport rail cost addit gbp tonn gpss open access govern own pipelin direct access gatwick walton pipelin mobil altern viabl cost gbp extra tonn gpss walton line full altern access gpss rout north thame estuari aldermaston practic exclud kei point flow oper wrong direct suppli gatwick assum access grant walton pipelin direct access gatwick pass west london pipelin mobil reportedli limit capac cost access airport industri own pipelin approxim gbp tonn appear signific competit disadvantag supplier reli altern rout result combin entiti effect logist advantag competitor extra suppli capac competit disadvantag sever player share exist pipelin act deterr market entri logist cost determin margin price charg airlin cost product larg base platt main cost access plane cost player manag access airport respons statement object parti contend main pipelin rout suppli jet fuel gatwick airport altern rout part govern own gpss pipelin note altern rout indirectli connect gatwick walton pipelin secur direct access gatwick airport regard altern main pipelin rout parti note main pipelin rout gatwick full close capac expans dedic jet fuel pipelin easi owner decid fact result merger exxon mobil control sole pipelin rout hold signific interest altern rout gatwick combin entiti posit restrict access infrastructur limit expans sum control merg entiti essenti infrastructur access suppli jet fuel gatwick airport result foreclosur jet fuel supplier market suppli jet fuel gatwick airport term sourc suppli worth note closur shell haven exxon fawlei mobil coryton refineri competit sourc jet fuel suppli gatwick unit kingdom refineri inland distribut access south east england excess jet fuel capac unit kingdom net import million tonn jet fuel fawlei coryton princip sourc suppli cargo market cargo market result signific price disadvantag cif fob cost differenti gbp tonn addit competit access gatwick princip import termin access depend industri own pipelin gpss pipelin rail competit impract parti contest fact control competit sourc suppli market question respect point presenc number competitor suppli gatwick airport refineri locat south east england respect undisput oper suppli jet fuel gatwick product facil locat proxim airport remain fact result merger combin entiti posit suppli jet fuel market locat refineri word proxim exxon mobil refineri gatwick airport constitut signific competit advantag creation domin posit jet fuel suppli gatwick airport exxon enjoi signific share suppli jet fuel gatwick result merger posit enhanc combin entiti supplier jet fuel gatwick parti agre estim addit pipelin exxon acquir mobil capac share industri own pipelin ukop west london walton gatwick combin entiti competit refin capac region competitor exxon million tonn spare capac pipelin extra capac captur increment growth demand gatwick anticip doubl year supplier spare refin pipelin capac exploit market growth competitor major airlin custom oper unit kingdom airport includ gatwick complain supracompetit posit combin entiti acquir respect jet fuel suppli gatwick basi element explain preced paragraph commiss view oper result creation domin posit market suppli aviat fuel gatwick airport unit kingdom iv commit assess septemb parti offer commit remov competit concern commiss identifi statement object juli septemb parti submit amend commit take account adjust requir commiss view result market test commit summaris assess point order relev market commiss state object assess part decis full text commit attach decis form integr part natur ga dutch wholesal transmiss market date commiss decis approv concentr quot effect date quot parti reach bind agreement sale mobil europ ga quot mega quot purchas approv commiss mega sold viabl concern includ contract suppli sale portfolio transport servic agreement parti nomin independ experienc truste overse ongo manag mega pend complet sale mega mobil entiti sell natur ga competit gasuni dutch market compani sold contract suppli portfolio note mobil upstream product affili netherland conclud deplet contract concess gasuni mega mobil german affili right oblig mega contract pass purchas purchas access dutch ga proport mega access remain mobil group purchas uniqu posit regard tpa contract gasuni mobil recit purchas viabl exist potenti competitor abil maintain develop mega activ competit forc commiss account possibl purchas access natur ga sourc netherland bring ga dutch market condit check commiss fulfil statu quo ant transact establish transact subject fulfil commit lead strengthen gasuni domin posit dutch wholesal transmiss market german long distanc wholesal transmiss market divestitur exxon interest thyssenga effect date parti reach bind agreement sale exxon equiti interest thyssenga gmbh parti approv commiss dai effect date parti nomin independ experienc truste repres exxon interest exercis exxon vote right thyssenga commiss consid divestitur exxon equiti interest thyssenga compens strengthen domin posit occur consequ merger strengthen relat mobil activ long distanc market current market share mobil equiti interest ruhrga note respect thyssenga market share long distanc market member defin german oligopoli parti longer involv thyssenga commiss consid compani incent challeng oligopoli member quot replac quot potenti mobil contest parti argu exxon withdraw thyssenga move thyssenga oligopoli group turn competitor compens elimin mobil parti explain due remain equiti link thyssenga oligopoli member rwe dea sharehold thyssenga shell sharehold thyssenga reason commiss satisfi propos withdraw thyssenga restor competit pre merger level mobil link ruhrga oper close beb german product rwe dea sharehold influenc thyssenga import sharehold ruhrga member bergemann pool oblig suppli german ga product ruhrga suppli volum account german natur ga consumpt rwe dea incent develop strengthen thyssenga regard shell note consequ exxon merg mobil exxon divest thyssenga interest exxon shell time year longer parallel german natur ga market difficult assess impact thereof competit behaviour ventur competit interact beb thyssenga beb ruhrga thyssenga ruhrga conclud bring back element instabl oper oligopoli assess suitabl purchas exxon equiti interest thyssenga commiss duli account incent competit behaviour thyssenga attribut ident purchas vote right erdga münster parti reason effort obtain agreement sharehold egm realloc percentag vote right held mobil sharehold pro rata current vote right beb mobil exxon mobil combin hold vote right egm commit realloc legal entiti egm part market test propos commit egm sharehold commiss oppos realloc line detail commit basi view fact agreement sharehold subject commiss approv commiss confid parti obtain control corpor govern structur egm egm incent compet return pre merger level commiss consid egm maintain possibl develop potenti competitor long distanc wholesal transmiss market futur liberalis environ underground storag facil servic south germani period year effect date parti offer enter bind agreement parti sale mobil right deplet reservoir suitabl convers storag facil servic south germani sold combin estim work ga volum convers approxim mcm parti potenti purchas fail agre fair market price month purchas written express interest reservoir parti potenti purchas request acquir fair market valuat independ expert approv commiss parti agre bound assess expert commit sell deplet reservoir total estim work ga volum mcm repres possibl increas current relev storag volum clear market investig volum suffici compet ruhrga relev market respond commiss market test object propos remedi mean remov competit concern commiss consid commit ensur barrier entri potenti competitor increas consequ concentr conclud circumst ruhrga domin posit market strengthen base oil effect date parti commit transfer control mean merger regul base oil busi encompass approxim barrel dai base oil manufactur capac bp amoco parti approv commiss wai combin thereof transfer return ownership equival capac long term leas agreement similar arrang renew lesse option pursuant oper strateg manag base oil capac concern transfer transfere unilater decid inform parti oper strateg matter arrang subject approv commiss leas agreement provid lessor access competit sensit inform lesse inform exercis normal right lessor inform suppli independ repres subject confidenti oblig except limit number item spill requir action part lessor identifi leas agreement addit base oil manufactur facil base oil busi es includ personnel suppli contract custom list contract relat sole divest facil access technolog provis technic support run base oil busi transit period lubric leg bp mobil joint ventur includ base oil activ manag independ rest exxon mobil group pass inform report person joint ventur transit measur regard bp mobil jv explain section relev base oil remedi base oil busi purchas bp amoco parti undertaken separ activ appoint hold separ truste undertak provid parti purchas order enabl obtain qualiti accredit addit parti commit transfer suppli contract sole relat divest busi purchas contract amount sale final mobil continu option purchas sourc divest refineri period repres product refineri result limit overlap concentr depend outcom ongo negoti bp amoco mobil dissolut lubric leg joint ventur commit ensur outcom negoti dissolut lubric leg bp mobil jv exxon mobil share merchant market stand basi modifi transact result creation domin posit held exxon mobil base oil market sale manufactur plant control chang mean long term leas arrang commiss approv agreement respect commiss consid outlin agreement commit suffici start basi commiss assess agreement lead chang control lesse oper busi activ competit forc parti explain leas arrang workabl principl term leas suffici long explain purchas divest busi lubric blend activ order viabl competitor commiss believ year period renew option purchas ensur durat purchas oper busi long term undertak import lubric activ purchas commiss verifi suitabl purchas lesse time parti submit propos commiss integr base oil busi activ account motor fuel retail respons commiss conclus concentr creat strengthen oligopolist domin austria french toll motorwai germani luxembourg netherland unit kingdom parti undertaken dispos mobil share aral termin mobil particip fuel part bp mobil joint ventur aral mobil right aral held mobil market und raffineri gmbh mmrg wholli own subsidiari mobil parti commit withdraw complet aral effect date undertak remov incent exxon bp mobil aral coordin competit behaviour elimin object rais commiss bp mobil joint ventur parti undertak withdraw effect date joint ventur fuel activ achiev altern remedi sale mobil interest joint ventur bp amoco bp amoco bui share accept parti suitabl parti ii dissolut bp mobil joint ventur essenti fuel asset acquir bp amoco suitabl parti interim period parti undertaken appoint independ repres joint ventur committe vote interest joint ventur exchang fuel base oil lubric inform mobil exxon mobil ii elimin access personnel jv lubric busi oper mobil inform relat fuel busi commiss consid offer protect interim period commiss recognis implement transit measur depend extent partner joint ventur bp amoco oper fuel busi bp amoco incent make inform transmit exxon mobil bp amoco object appoint independ repres joint ventur committe argu amount assign mobil right prohibit contract fact parti commit vi vi commiss appoint independ repres approv commiss preclud parti nomin repres mobil repres pursuant jv agreement bp amoco mobil find wai agre isol inform system relat fuel busi lubric busi parti commit cut unilater link agre bp amoco short time parti commit appoint independ observ task monitor complianc offer remedi bp amoco argu time period mobil withdraw bp mobil joint ventur longer base reason mobil buyer bp amoco purchas interest bp mobil joint ventur interim period harm competit possibl exxon mobil benefit inform relat bp mobil fuel retail activ commiss consid durat interim period reason determin time period commiss balanc hand quick resolut competit concern harm continu presenc mobil jv main competitor exxon hand parti proper consider face monopolist buyer bp amoco inclin dictat term sale interim period short interim period parti unduli prolong mobil particip jv commit provid oblig mobil accept expert resolut issu link valuat mobil interest bp amoco desir ii oblig parti negoti good faith bp amoco report independ observ inform commiss issu enabl commiss order circumst shorter time limit divestitur mobil stake dissolut joint ventur conclus commit fuel elimin overlap exxon mobil fuel busi market commiss conclud oligopolist domin creat strengthen possibl fuel sector europ domin posit creat strengthen aviat lubric effect date parti divest exxon worldwid aviat lubric busi commerci airlin purchas approv commiss busi compris product amp market sale blend packag facil product qualiti manag technic support market sale product qualiti manag technic support personnel truste ensur interim period exxon mobil busi separ market test conduct commiss confirm divestitur exxon aviat lubric activ prefer mobil aviat lubric busi initi propos parti mobil activ integr mobil group mobil produc ester base stock produc proprietari addit offer mobil blend facil part wider complex respond commiss market test doubt capac purchas mobil aviat lubric busi oper viabl competit forc constrain exxon mobil action inform commiss doubt adequaci divestitur mobil aviat lubric busi parti offer shed exxon busi contrari mobil aviat lubric busi exxon aviat lubric busi close intertwin exxon busi suppli raw materi larg extent parti separ blend facil basi commiss consid domin posit creat market competit concern express statement object elimin aviat fuel parti undertaken sell effect date aviat fuel pipelin capac coryton refineri gatwick airport equival mobil sale volum gatwick undertak remov bottleneck control parti gain merger suppli jet fuel gatwick airport domin posit creat market suppli aviat fuel gatwick airport adopt decis articl condit commit summaris recit laid detail annex fulli compli concentr notifi consist merger exxon corpor mobil corpor declar compat common market function eea agreement articl decis address exxon corpor la calina boulevard irv texa usa mobil corpor gallow road fairfax virginia usa brussel septemb commiss mario monti member commiss oj correct version publish oj oj oj case iv bp mobil august oj activ joint ventur includ marin aviat lubric turnov calcul accord articl merger regul commiss notic calcul turnov oj extent figur includ turnov period januari calcul basi averag ecu exchang rate translat euro basi part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk commiss decis case iv arco union texa oj commiss decis case iv elf enterpris oj commiss decis case iv elf occident oj price crude oil trade market significantli influenc mere announc opec meet oj coal steel aspect case dealt commiss case iv ecsc rag saarbergwerk german decis summaris bkarta biannual work report press releas februari purpos case decid separ lcv hcv ga market netherland outcom case materi join case franc commiss ecr judgment march case gencor commiss report deudan pipelin bring danish ga germani beb netra pipelin bring norwegian ga north germani beb ruhrga salzwedel berlin extens netra berlin beb ruhrga vng netg pipelin bring dutch lcv ga germani ruhrga thyssenga metg pipelin bring dutch hcv ga germani ruhrga exxon shell setg extens metg ruhrga exxon shell netg metg setg pipelin extens evg pipelin link central germani ruhrga vng annex ital ad annex tabl quot competit liberalis european ga market divers model quot jonathan stern royal institut intern affair bresnahan salop quot quantifi competit effect joint ventur quot intern journal industri organis vol pp api stand american petroleum institut regroup oil compani acea stand associ de constructeur européen automobil atiel stand associ techniqu de industri européenn de lubrifi respect role explain section group ii eea confirm competitor di manufactur gener approv exxon mobil shell base oil base oil custom except exist group iii iv base oil document quot api quot quot atiel code practic quot case iv exxon shell bp mobil spent approxim usd million order obtain interchang european refineri toll blend refer blend lubric brand specif lubric blender product capac region case gencor commiss publish industri data averag pump price motorwai exxon pump price motorwai proxi industri averag pump price similarli parti isol data sole toll motorwai commiss data cover motorwai proxi toll motorwai account fact total recent acquir fina poorest perform term throughput site basi market share main eastern german competitor provid parti studi bayerisch landeskartellbehörd competit suppli petrol unit kingdom report offic fair trade footnot auxiliari power unit constant speed driver integr drive gener air turbin starter anecdot evid order reduc safeti risk airlin oem approv lubric stationari airborn applic ensur approv aero deriv lubric mistakenli aircraft engin decis juli case iv holdercim cedest oj commiss state market repres quot cent commun consumpt product quot constitut insubstanti part common market annex full origin text condit oblig refer articl consult commiss websit http europa eu int comm competit index en html content gt tabl gt