commiss decis decemb declar concentr compat common market eea agreement case comp shell dea 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 august initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr regard final report hear offic case introduct juli undertak deutsch shell gmbh deutsch shell rwe aktiengesellschaft rwe notifi commiss accord articl regul eec merger regul propos concentr deutsch shell rwe acquir mean articl merger regul joint control newli creat joint ventur shell dea jv combin respect downstream oil petrochem busi interim period end juli latest shell acquir sole control combin busi examin notif commiss decis august conclud notifi oper fell scope merger regul rais doubt compat common market function eea agreement commiss initi proceed case pursuant articl merger regul articl eea agreement ii parti oper dutch british royal dutch shell group compani shell activ world wide explor product sale oil natur ga product sale chemic power gener product energi renew resourc shell wholli own subsidiari deutsch shell gmbh activ refin crude oil distribut sale refin product germani product distribut sale chemic product distribut natur ga crude oil solar energi busi rwe ultim parent compani group compani focus multi util strategi activ energi water distribut treatment mine raw materi environment servic petroleum chemic industri system construct upstream downstream oil petrochem busi rwe oper subsidiari rwe dea aktiengesellschaft für mineraloel und chemi rwe dea affect downstream oil chemic activ oper dea mineralöl ag subsidiari rwe dea parti exist dea mineralöl compani joint ventur vehicl renam shell dea shell separ downstream oil busi germani oper deutsch shell contribut busi shell dea includ shell petrochem asset aromat product plant godorf result shell dea includ entir downstream oil busi petrochem busi shell rwe dea germani joint ventur oper busi brand shell dea joint ventur extend upstream oil natur ga busi parti shell rwe dea sign joint ventur agreement juli pursuant agreement share shell dea held rwe dea shell initi period rwe dea put option sell stake jv shell put option exercis rwe dea legal bound sell shell legal bound purchas share shell dea effect addit shell grant rwe dea put option rwe dea remain share jv exercis effect structur shell case stake shell dea juli acquir share capit compani iii concentr transact consist subsequ step initi period end exercis put option rwe dea latest purchas addit shell dea share shell effect juli period date initi period member manag board charg shell dea dai dai oper equal appoint sharehold jv committe shell dea supervisori board chairman manag board cast vote nomine shell resolut sharehold meet simpl major parti hold vote right decis block parti initi period decis shell dea jv committe compos member nomin sharehold decis requir unanim jv committe sole discret author number strateg decis busi plan annual oper budget structur jv invest threshold appoint member manag board light veto right parti safeguard decis influenc jv conclud period shell rwe joint control shell dea juli rwe dea exercis put option transfer sole control shell earlier shell hold share shell dea shell control decis sharehold meet simpl major dai dai manag shell dea manag board foreseen shell major sharehold meet translat appoint repres manag board stage jv committe remain place reserv item requir unanim decis limit core arrang issu articl associ jv jv agreement restructur project signific threshold dividend polici cash call partner veto right area confer rwe dea abil exercis decis influenc shell dea limit issu protect financi interest rwe dea minor sharehold conclud shell acquir sole control shell dea juli latest result concentr mean articl merger regul transact consid singl concentr consist acquisit sole control shell dea shell effectu consecut step start period joint control point commiss notic concept concentr regul eec control concentr undertak state oper consid acquisit sole control lead joint control start period year legal bind agreement joint control convert sole control sharehold present case todai acquisit sole control shell year legal certainti shell strong influenc oper manag jv iv commun dimens undertak concern combin aggreg worldwid turnov eur billion shell rwe dea aggreg commun wide turnov excess eur million undertak concern achiev third aggreg commun wide turnov member state notifi oper commun dimens mean articl merger regul procedur august german competit author bundeskartellamt inform commiss concentr threaten creat strengthen domin posit result effect competit significantli imped market germani present characterist distinct market pursuant articl merger regul request commiss partli refer case request relat market downstream miner oil product germani includ market motor gasolin diesel light heat oil retail wholes aviat fuel heavi fuel oil bitumen lubric request concern market petrochem market upstream oil activ market downstream oil product germani decis august commiss partli refer case compet german author request octob statement object shell rwe combin repli novemb request parti hear held novemb vi assess articl merger regul part ethylen relev product market ethylen import basic chemic product belong olefin group consist ethylen propylen butadien western europ ethylen produc princip naphtha product process refin crude oil steamcrack equip raw materi ethylen deriv polyethylen pvc product replac line previou decis ethylen market investig confirm ethylen constitut separ product market relev geograph market line previou decis commiss consid relev geograph market suppli ethylen function extent pipelin network ethylen hazard ga highli flammabl due product properti profit practic transport ethylen overland road rail instanc germani transport requir special permit transport barg rhine prohibit long distanc ethylen transport compress form pipelin liquid form refriger ship transport requir major invest logist equip pipelin special equip sea termin turn connect pipelin ethylen consum order reduc transport cost logist difficulti ethylen consum tend locat ethylen product site imposs practic move larg quantiti ethylen product site inland consumpt site site connect network pipelin constraint transport ethylen ethylen product consumpt site characteris individu system produc consum combin site link pipelin access deep sea termin relev geograph market delin pipelin network pipelin network relev delin relev geograph market ethylen pipelin network own oper aethylenrohrleitungsgesellschaft mbh amp kg pipelin call quot arg quot pipelin network pipelin own link ethylen consum produc arg link product site ethylen consum belgium netherland western germani limit amount import restrict avail consum mean broader definit geograph market sea termin link arg ethylen import ship product site locat arg area total ethylen consumpt arg consum approxim import arg area peak year due unschedul downtim ethylen product facil call quot cracker quot arg import account approxim total captiv merchant demand greatest share import owner import termin parti import account total import parti amount ethylen import arg catchment area sever restrict public termin offer free access parti own ethylen produc exist termin design primarili fit ethylen owner addit import storag excess product cracker link termin provid suffici long term capac open market parti allow termin parti rais number contractu practic difficulti prevent termin structur basi contractu term appear common terminal contract link exist durat suppli agreement termin owner termin made percentag volum suppli directli termin owner addit contract partli provid right termin owner ethylen purchas oblig negoti termin owner purchas accept direct suppli termin consum directli link sea termin pai ship freight cost terminal fee transport cost charg arg transport pipelin mean larg scale import econom viabl altern product produc arg parti disput commiss definit geograph market conclud relev geograph market pipelin system arg ethylen pipelin compat common market juli bp plc bp ag notifi commiss agreement bp acquir joint control veba oel ag veba case comp bp transact equal affect market ethylen arg singl analysi market carri case lead present decis parallel decis case bp adopt simultan current market structur market ethylen todai characteris high degre concentr line previou decis commiss view shell rwe parti market particip market share calcul consid regard merchant market merchant market compris sale parti product volum intern group convers product downstream captiv market share ethylen supplier volum merchant market calcul principl net basi sale purchas arg case produc time sell purchas merchant market consolid sale purchas net posit net buyer net seller commiss investig shown swap produc sale purchas spot market year carri oper reason purpos systemat larg scale sale swap reflect independ market power part particip undertak compar sale special situat erdölchemi recit import produc connect arg arg deliv compani group compani purchas parti account ethylen product arg treat import arg purchas arg consequ lower import net sell posit market share import continu basi readili ethylen consum arg addit larg scale import oper swap basi oper reason market effect import consider market posit achiev offset import merchant sale lead significantli distort pictur individu undertak market share line parti submiss import account part total ethylen market volum arg order consist market share deriv import attribut undertak sell import arg catchment area parti argu volum sold parti basi long term formula base contract exclud merchant market market share calcul submit contract econom compar captiv treat likewis exclud volum quot mechanist quot contract commit extrem long period longer year market medium term price base mechanist transfer price negoti take account actual market situat price volum link relev merchant market contract exclud market parti combin market share approxim commiss share parti view long term suppli contract base price formula exclud market calcul gener point appear treatment contract base price formula lead inconsist arbitrari result contract mix natur combin price scheme appear highli artifici arbitrari split singl contract regard market share calcul long term charact justifi exclus contract market suppli ethylen long term contract rule qualifi contract except basi snapshot view market moment volum immedi basi forward analysi market requir merger regul volum market time expiri negoti contract reflect respect produc medium long term market power continu revolv manner contract expir requir renegoti market long term contract exclud competit supplier regularli market interact expir formula charact price scheme justifi exclus market calcul market share indic measur market power reflect market success past likelihood success continu level short medium futur background market share base formula base contract meaning formula base contract result disintegr intra group suppli physic link supplier consum result probabl certainti supplier gain respect part market futur fact quarterli market relat price negoti term contract justifi exclus contract assess parti market power formula base contract fix time durat provid adjust formula case suppli develop exclud competit interact term dea contract cpo parti exclud market share respect part volum suppli formula basi parti agre discount formula base price addit dem illustr price paid formula contract mechanist renegoti amend influenc gener market condit dea cpo contract strong link market price argu formula base contract unrel market develop negoti conclus exclud long term formula base contract calcul market share present case concept definit merchant market calcul market share remov necess individu assess restructur oper lead increas market share lead direct increas market power situat occur case divestitur activ downstream product intra group suppli ethylen replac long term suppli agreement parti consequ parti suppli agreement captiv account merchant market gener addit market share addit market share necessarili consid full reflect market power oper particular assess case case basi basi forego market share capac ethylen seller arg merchant market import parti year tabl market share gt tabl gt gener ethylen supplier arg area group categori supplier vertic integr downstream sell ethylen product merchant market ii ethylen produc vertic integr downstream partli ethylen product captiv partli sell merchant market iii ethylen produc vertic integr ethylen product captiv veba oel market belong categori downstream integr full seller capac cracker gelsenkirchen kiloton annum ktpa product fulli exploit capac sold merchant market year year largest player merchant market arg catchment area market share market player belong group dea arg area dea own cracker wessel ethylen capac ktpa highli exploit year product sold merchant market case year dea market share li parti argu dea custom cpo suppli market share reflect market posit appropri cpo consum independ trader negoti suppli basel clariant celanes vinnolit vintron respect agreement result divest member hoechst group econom suppli secur time contract cpo custom limit durat cpo suppli contract dea veba larg proport cpo demand pass basel joint ventur shell basf net seller merchant market basel todai ethylen cracker procur remain demand econom term parent background cpo express expect continu exist present form expiri suppli contract dea veba conclus player dea veba provid signific proport merchant market arg area year shell market belong categori shell own ethylen cracker moerdijk netherland connect arg proprietari pipelin shell submit net purchas ethylen due fact demand basel joint ventur joint control ownership basf account captiv argument accept full function joint ventur mean merger regul basel set autonom econom entiti initi purchas smaller part requir ethylen suppli parent medium term perspect basel free choic ethylen suppli basel actual demand includ calcul shell net balanc ethylen assess correspond market percept shell signific player ethylen merchant market arg level addit shell product arg import arg ad product calcul shell market share amount figur underst shell actual market potenti year capac shell ethylen cracker moerdijk increas kt kt expans cracker capac reflect market share strengthen shell market posit futur increas market share excess current level player belong group basf market share merchant market atofina significantli lower market share exxon market share exxon share larg base import arg ethylen product site unit kingdom remain market share account import carri parti bp belong categori respect net ethylen balanc consum ethylen product captiv net basi recit take account bp consider import year hold true take sole control erdölchemi april erdölchemi suppli custom ethylen basi long term contract commiss market investig erdölchemi ethylen sale decreas kt expect kt acquisit sole control bp erdölchemi sale give bp market perspect intellig seller point view player belong group dow dsm basel entir ethylen product term net balanc captiv purchas addit volum market ethylen consum activ ethylen product free integr consum sasol celanes solvai solvin lvm ineo boreali depend ethylen produc suppli requir ethylen arg integr supplier dea veba main price settler ethylen market plai decis role function market vast major ethylen suppli base long term contract supplier consum gener type contract term price scheme foremost larg volum contractor wide refer long term contract basic contract price adjust individu discount whilst individu discount fix term contract basic contract price subject renegoti partner quarter larg proport contract fallback claus state refer contract price publish industri report ici lor agre case parti reach agreement negoti contract smaller volum forese quarterli price negoti refer publish refer contract price adjust individu discount agre term contract actual price pai vari automat movement publish refer price price pai type contract price type contract arriv publish refer price import player market contract type minimum volum negoti kt report contract price discount agre quarterli individu negoti publish organis ici lor cmai parti negoti price follow price deviat fact subsequ report publish deal close price price consid accept contract price quarter publish ici headlin refer price quot north western european contract price nwecp quot case refer price wide accept weight averag publish headlin quarter price consequ contract refer price renegoti adjust basi price mechan influenc signific volum product impact individu contract broader impact gener price level ethylen market veba dea import merchant seller plai import role term volum price set mechan role emphasis fact veba dea supplier integr product downstream ethylen price set consid free bias interest downstream market consider captiv driven object aspect ethylen market feedstock cost suppli demand balanc margin trend contract supplier report past market particip answer commiss questionnair agre veba dea price setter arg ethylen market ensur suppli demand orient price find wide accept market parti argu role dea veba price mechan function market wide overst reason dea suppli contract custom partial integr downstream ethylen april veba influenc role independ price settler supplier contribut settl ici price past parti link arg pipelin settl ici price mechan replac ici refer final bargain posit combin shell dea entiti incent achiev highest price ethylen vi vi cpo dea commiss agre argument situat dea custom cpo address detail recit degre downstream integr dea veba limit past alter percept independ supplier dea main ethylen deriv plant locat arg dea suppli deriv plant own arg total volum ethylen product site arg destin merchant market time dea downstream activ addit dea captiv ethylen account small proport total product remain suppli merchant market focu activ veba proport captiv estim product major volum intend open market veba divest downstream activ act signific time wholli independ pure merchant seller market influenc produc price settl mechan market particip submit year occas quarterli ici refer price base agreement involv dea veba cpo appear supplier arg form basi ici refer price due fact arg area cluster suffici number produc custom ethylen market interact product site western europ supplier custom interlink pipelin choic contract partner price scheme ici refer refer feedstock cost margin share arrang mechan close reflect ethylen market condit appli market particip final set detail recit merger fulli vertic integr supplier shell dea incent focus ethylen merchant market significantli alter bias shell downstream activ alter negoti behaviour formula base contract account supplier cost feedstock price cracker economi downstream deriv margin regular price negoti price result object data process formula calcul type contract situat integr product site belong group split deriv product unit downstream ethylen sold parti total volum contract merchant market type contract appear account small proport collect domin commiss consid propos concentr transact bp implement collect domin entiti arg market ethylen aris collect domin case commiss refer element establish exist collect domin posit suppli concentr ii homogen product iii symmetri market share cost interest iv price transpar retali possibl vi high entri barrier absenc potenti competit vii inelast demand countervail bui power list bind element present establish collect domin posit exhaust serv provid set indic light factor present case assess propos merger shell bp market share expos compar strong competitor obviou import effect transact competit ethylen merchant market disappear dea veba independ competitor integr supplier merchant market main consequ market structur brought loss independ import seller merchant market aggrav fact merg entiti plai dea veba current role independ price settler ethylen market arg independ ethylen produc interest downstream product left arg propos merger market share ethylen seller arg tabl market share post merger gt tabl gt shell bp arithmet combin market share shell dea bp veba situat chang consider post merger scenario bp net demand balanc veba surplu outcom net calcul scenario merchant market volum reduc bp net deficit entiti combin market share shell dea bp veba appli net calcul directli futur amount conserv present bp veba market posit veba market sale immedi decreas merger complet case erdölchemi increas market share correspond increas market power shell dea bp veba result transact ethylen product dea veba design sold merchant market market share correspond respect market power combin shell dea bp merchant market increas market power mere gain market share dea veba import market role ethylen produc downstream interest independ price settler transact lead pure formal market share figur consider affect market structur substant term capac share ethylen product arg area entiti approxim shell dea capac ktpa approxim bp veba capac ktpa produc share basf atofina exxon entiti biggest produc ethylen arg entiti net ethylen seller arg left basf atofina exxon commiss market investig dow seller ethylen arg ethylen supplier combin entiti necessarili product vertic integr downstream share similar incent regard suppli ethylen custom compani compet downstream market ethylen deriv strongest competitor basf market share consider smaller year strong structur link basf shell li jv basel basf shell contribut interest polypropylen polyethylen joint ownership basel basf incent support downstream polyethylen competitor econom price ethylen suppli outlin shell recit reduc incent compet fierc price decreas shell bp ethylen market arg basf activ downstream market ethylen oxid monoethylen glycol incent aris compet entiti upstream market ethylen discuss shell bp recit expect basf follow market leader plai role maverick addit merg entiti activ upstream busi basf lack vertic integr upstream refineri readi naphtha suppli steam cracker sourc parti submit lead decis disadvantag naphtha readili market case suppli basf cracker antwerp situat appear ludwigshafen cracker cost disadvantag refer ship naphtha cracker basf depend amount naphtha suppli rhein main rohrleitungstransport pipelin rmr multi product pipelin lead amsterdam rotterdam antwerp ara region frankfurt ludwigshafen area germani transport rmr pipelin basf depend sharehold pipelin compani bp veba shell factor limit basf possibl incent exercis pressur merg entiti ethylen market arg post merger atofina market share reach limit share merchant market atofina lack give atofina suffici market power increas competit pressur merg entiti incent vigor compet bp shell limit extens downstream interest exxon ethylen product capac arg limit minor share fina olefin antwerp fao joint ventur antwerp market sale parti larg depend import market share smaller merg entiti capac fao joint ventur highli exploit year commiss market investig indic exxon addit incent suppli ethylen deriv produc econom price ethylen restrict larg product ethylen deriv exxon follow market leader strategi provid suffici competit pressur parti transact incent market leader privileg posit essenti infrastructur bp veba privileg access arg pipelin strong influenc arg compani structur import arg pipelin econom mean transport ethylen area outlin recit arg area ethylen transport mean avail product competit supplier connect pipelin suppli custom reli access pipelin competit condit ethylen supplier locat western eastern end pipelin system econom possibl transport product arg pipelin abil incent produc compet contract arg restrict limit custom choic abil achiev competit ethylen price appli competit forc import import termin ethylen import deep sea ship locat north sea coast custom locat eastern part arg import readili access constraint arg supplier avail arg transport pipelin low price posit merg entiti bp veba oel arg ethylen market support increas share hold aethylen rohrleitung gesellschaft mbh amp kg arg compani compani own core arg pipelin network current hold share capit arg compani tabl arg ownership gt tabl gt bp veba sharehold arg compani bp veba signific influenc arg compani polici combin capit share articl associ unanim requir decis crucial import special major requir strateg decis post merger combin bp veba hold capit mean block decis requir special major posit block bp veba exercis signific influenc strateg decis juli manag director appoint sharehold dsm veba erdölchemi bp situat chang offici end system manag director recruit directli appoint individu sharehold respect subcommitte resolut sharehold expect agre concept end year preliminari execut chang juli act manag director arg compani block vote bp veba posit influenc appoint manag director argu prior combin bp veba bp enjoi block minor regard decis requir special major transact bring substanti chang regard arg merger complet chang bp interest pipelin exercis right confer sharehold pipelin compani bp net ethylen buyer arg interest open parti produc access arg guarante readi suppli ethylen form counterbal control share veba strongest net seller degussa strategi group adopt arg compani bp hand expos block compar strength strategi arg compani merger combin bp veba strongest seller ethylen arg longer interest support defend interest ethylen buyer arg pipelin compani open access low price supplier consum bp veba share compani confer block vote bp veba sharehold block capac counterbalanc equal strong sharehold put entiti posit strength conclud bp veba signific influenc arg pipelin essenti infrastructur present ethylen market bp veba posit infrastructur strengthen ownership influenc extens pipelin veba own pipelin link ethylen consum site rhine ruhr area arg pipelin veba cracker gelsenkirchen suppli consum account consider amount total merchant market sale fulli depend access pipelin consum link pipelin vertic integr depend suppli parti open market suppli veba competitor consent veba pipelin veba consider control choic supplier consum competit pressur altern supplier exercis shell dea privileg access import infrastructur control import pipelin link due extrem high invest cost market particip agre entri complet supplier arg ethylen market base cracker exclud short medium term addit capac expect debottleneck exist produc facil introduc independ competit forc market import addit independ sourc ethylen suppli constrain current supplier posit market import ethylen fed arg exist import termin consid bottleneck control confer consider influenc competit arg ethylen market shell own import termin ethylen connect arg significantli support shell dea strong posit market enabl shell dea import addit volum arg react flexibl suppli demand imbal result cracker downtim demand fluctuat shell dea close follow market movement constantli maintain high utilis rate cracker essenti import econom product ethylen flexibl shell dea bring addit volum market time full capac rate arg product site termin ownership shell dea control access parti ethylen consum termin abil access competit ethylen sourc arg area capac provid parti throughput respect terminal fee term shell dea influenc larg extent volum parti import term condit import oper make import uneconom due high terminal fee capac limit parti submit termin ownership shell dea privileg posit shell termin import termin link arg result ampl altern parti requir import capac spare capac shell termin todai shell made parti competit term import termin termin own ethylen produc independ termin storag provid interest ethylen product distribut termin owner share interest regard ethylen activ greater interest provid import capac parti competitor appear exxon termin fulli utilis exxon largest import ethylen volum termin access parti limit termin shell todai parti access termin respect amount limit parti import moerdijk account kt peak year due cracker downtim arg kt volum import shell period time higher limit capac parti due fact termin owner reserv larg margin manoeuvr termin capac fulli enjoi flexibl recit shell increas import moerdijk larg degre due increas requir cracker moerdijk expans work conclud ownership import termin import asset ethylen produc arg significantli enhanc competit power arg addit shell own pipelin link core arg pipelin cracker sea termin moerdijk site rotterdam port author rotterdam plan connect rotterdam core arg pipelin basi enhanc shell dea market intellig influenc ethylen market direct pipelin shell access antwerp area numer ethylen consum core arg ethylen homogen product signific innov matur market ethylen transport arg pipelin subject common bind specif qualiti differ supplier major research develop advanc year parti argu market ethylen lack homogen product homogen contract contract view differ significantli term volum durat price mechan allow coordin behaviour respect firstli note due import pipelin mean transport ethylen term distribut similar differ contract volum durat constitut consider differ exclud tacit coordin appli differ price scheme vast major ethylen suppli contract refer quarterli contract price directli respect publish refer price subject discount limit rang differ observ regard price scheme base cracker econom margin share cost relat formula contract limit import relat merchant sale arg market anticip expiri contract type price scheme reflect disintegr intra group activ chang contract type addit formula base contract disconnect market price negoti discount price result formula case refer publish price maxima minima recit market ethylen matur growth rate link gdp estim basic growth trend strong similar shell bp term market share capac cost merg entiti bp veba shell dea similar market share rang transact compani structur entiti align vertic integr upstream raw materi suppli downstream ethylen deriv ethylen produc dispos largest cracker capac arg catchment area size cracker ident capac similar biggest product capac link arg similar compani product structur lead similar respect cost structur busi arg area parti argu base market share calcul exclud long term formula base contract suggest parti market share entiti differ significantli commiss accept market share calcul suggest parti argument unfound regard alleg market share asymmetri parti argu symmetri cost product cost vari significantli cracker cracker transport cost vari supplier supplier custom custom base rel locat effici result product cost cracker capac vari rang variat limit industri consult maximum differ product cost econom plant consid term size shell dea cracker extrem point rang cracker kt small cracker kt bp veba homogen set cracker approxim kt product cost strongli relat capac size cracker assum averag product cost entiti suffici similar rang addit smaller scale cracker dea bp veba locat site combin economi scale regard raw materi suppli logist final fact transport cost differ supplier custom combin gener featur major market physic product deliv indic entiti fundament posit transport cost relat entiti advantag bp veba term lower cost prefer access pipelin virtu sharehold arg compani balanc fact shell dea merger dispos product site end arg abil avoid long distanc transport arg group vertic integr similar similar interest respect upstream market ethylen ethylen basic raw materi number downstream product bp shell contrari current situat dea veba vertic integr downstream ethylen deriv remain ethylen supplier post merger due vertic integr combin entiti shell dea bp veba share similar incent respect ethylen sale ethylen deriv produc downstream produc ethylen suppli part sale give parti transact incent increas ethylen price order reduc competit competitor ethylen deriv price formula laid ethylen suppli contract link publish refer price price increas relat direct contract partner merg entiti translat higher market price gener addit publish refer price nwecp exclus set arg appli ethylen sale arg area increas ethylen price arg translat price increas arg similar merg entiti incent impli necessarili activ downstream product incent provid fact activ downstream market ethylen custom deriv produc link arg partli direct ethylen custom parti transact incent shown respect form polyethylen ethylen oxid deriv ethanol polyethylen ethylen produc arg network product type polyethylen approxim low densiti polyethylen ldpe approxim linear low densiti polyethylen lldpe approxim high densiti polyethylen hdpe western european ldpe capac approxim lldpe capac approxim hdpe capac base arg ethylen cost amount price hdpe previou decis commiss defin market hdpe individu lldpe lldpe ldpe lldpe lldpe ldpe individu order assess incent parti transact regard ethylen suppli suffici limit analysi main famili pe ldpe hdpe lldpe defin lldpe lldpe shell activ polyethylen market joint ventur basel shell jointli control basf basel activ ldpe hdpe lldpe produc petrochem partli product site link arg catchment area partli arg area western europ basel market share western european pe market rang ldpe lldpe hdpe bp activ type pe western europ market share ldpe lldpe recent combin bp solvai hdpe product market busi europ effect bp market share includ jv hdpe approxim doubl western european market produc polyethylen downstream link arg belong group ethylen net buyer boreali vertic integr ethylen product arg dsm sourc ethylen consider extent parti arg product site directli suppli parti transact boreali western european market share approxim ldpe lldpe hdpe part volum produc boreali pe plant link arg dsm market share ldpe lldpe hdpe dsm vertic integr plant geleen pe product site germani produc lldpe hdpe suppli consider volum ethylen merchant market pe produc link arg vertic integr arg area polimeri product site oberhausen compani direct competit pe busi shell bp hand depend ethylen suppli arg vertic integr compani upstream ethylen net ethylen buyer arg downstream competitor inter alia suppli parti transact regard compani entiti share incent support direct downstream competitor suppli econom price ethylen interest combin entiti similar shell posit basel slightli stronger bp posit market form pe gener similar market share structur reinforc solvai bp chemic hdpe jv lead ident market share shell bp field hdpe contribut solvai hdpe plant arg jv consequ lack upstream integr ethylen market concentr strong posit parti transact regard suppli ethylen downstream pe competitor strengthen bp shell posit linear alpha olefin lao lao ethylen downstream product ethylen produc arg copolym product hdpe bp shell produc lao western europ market share year market consid western european wide scope remain share relat import strong posit field bp shell advantag downstream hdpe competitor reinforc similar incent ethylen suppli arg ethylen oxid ethylen oxid deriv ethylen oxid eo highli reactiv ethylen downstream product produc catalyt oxid ethylen elev temperatur pressur ethylen produc arg emploi product eo western european eo eo deriv capac link arg ethylen cost percentag total eo cost amount approxim basf activ merchant market bp capac kt includ erdölchemi shell capac kt largest produc eo western europ eo produc ethylen glycol compris mono ethylen glycol meg ethylen cost amount approxim total product cost product di ethylen glycol tri ethylen glycol eo deriv ethoxyl ethanolamin glycol ether akoxyl ethylen cost amount approxim total product cost compar total capac approxim kt western europ small merchant market sale eo western europ kt shell bp market share western european eo merchant market shell bp includ erdölchemi competitor eo merchant market ineo sasol market share rang undertak produc eo plant link arg direct competitor shell bp depend ethylen suppli arg network shell dea bp veba activ product meg import eo downstream product commiss market investig market share lie approxim western european merchant market meg directli compet ineo market share produc meg plant arg area inter alia suppli parti transact situat appli di ethylen glycol tri ethylen glycol produc meg produc sell petrochem bi product commiss investig shell bp activ market eo deriv compet integr ethylen consum link arg case sale form akoxyl compet ineo sasol link correspond product site arg ethanol proport ethylen product arg ethanol product downstream ethylen lower compar pe eo bp activ product ethanol market share synthet ethanol western european market competitor sasol market share produc synthet ethanol plant link arg structur situat incent chang submit parti agricultur ethanol includ gener ethanol market circumst bp market share argument parti conclus parti submit vertic integr aris merger creat incent rais ethylen price detriment downstream competitor parti appreci incent rais downstream competitor cost benefit shell dea bp veba small incent aris downstream market activ regard volum suppli arg merchant market clarifi commiss analys parti merger achiev domin posit downstream market enabl rais price ethylen deriv market analysi collect domin entiti ethylen market refer align merg entiti incent upstream market ethylen aris activ ethylen deriv market incent necessarili impli merg entiti rais price downstream market incent deriv possibl carri strategi reduc competit competitor ethylen deriv increas ethylen suppli cost squeez margin arg account ethylen product capac western europ major part ethylen deriv product capac western europ downstream competitor merg entiti vertic integr ethylen arg account consider market share ethylen deriv market fact situat regard product asethylen dichlorid vcm alter conclus bp shell vertic integr similar degre share similar incent regard suppli ethylen produc arg conclus shown ethylen downstream product due similar degre vertic integr shell bp combin entiti share similar incent regard suppli ethylen arg area comparison parti market share respect competitor demonstr entiti posit plausibl feasibl exercis competit pressur competitor downstream order weaken competit potenti gain addit market share long term basi pressur high probabl success competit situat downstream market ethylen deriv limit entiti abil joint price strategi parti submit limit potenti increas ethylen price arg ethylen deriv market consid western european wide scope global reason produc ethylen deriv link arg pass increas raw materi cost custom expos competit produc product site arg import western europ parti submit turn limit potenti increas ethylen price arg ethylen produc commiss market investig case produc ethylen deriv market situat pass increas raw materi cost custom due competit face produc locat arg import ethylen downstream product limit increas ethylen price chang gener incent merg entiti ethylen price increas limit merg parti share incent increas price limit gain profit downstream deriv produc reduc competit compar ethylen deriv unit competit entiti risk laps basi tacit alloc contract light contractu geograph situat arg ethylen market clear easi handl mechan entiti dispos tacitli divid market close relat criteria continu long term contract ii geograph proxim vast major ethylen suppli base long term contract spot sale plai role market explain detail recit high market transpar term parti individu contract volum refer price involv ethylen product capac publish journal cmai volum ethylen respect deriv plant owner infrastructur learn actual throughput individu custom commiss market investig reveal transport cost core arg neglig factor contract primarili enter ethylen produc consum locat close close relationship support transport suppli quantiti privat produc own extens arg pipelin order economis transport cost aris core arg alloc custom suppli contract produc base proxim buyer ethylen product site appli custom strategi significantli facilit market structur post merger buyer gelsenkirchen cologn area dual sourc suppli veba cracker gelsenkirchen bp erdölchemi cracker cologn merger bp veba control total suppli custom suppli partli pipelin own control merg entiti dea hand suppli wessel area plant south germani directli link wessel product site extens pipelin shell natur access consumpt site locat rotterdam ethylen cracker sea termin moerdijk parti argu continu exist long term contract prefer close locat supplier result gener econom circumst ethylen suppli market high transport cost physic link supplier custom combin view merger add element prevail circumst fact competit custom limit geograph durat reason situat worsen degre competit contract arg long term contract chang hand parti parti state hear supplier custom arg area close locat site addit parti basf signific number contract won lost past year true shell dea product site locat end arg area termin dea cpo contract competitor contract arg possibl swap enabl supplier reach custom incur signific transport cost consider degre competit expir contract arg elimin addit tacit alloc contract affect competit contract expect tacit align duopolist behaviour quarterli contract price negoti current custom due similar incent enhanc downstream competitor potenti cheap suppli ethylen initi lower price order nomin volum upper end rang merger conclud market tacitli share basi mechan ethylen market suffici transpar tacit coordin market leader parti argu suffici transpar market vast major contract refer publish ici quarterli contract price actual price paid secret individu discount basic contract price disclos commiss take view ethylen market arg suffici transpar tacit coordin laps competit market leader exact term individu contract openli access high degre transpar regard price trend contract particip commiss concern relat fear entiti activ compet current custom link long term contract engag market share base continu geograph proxim kind tacit market share individu detail contract data transpar confirm parti due limit number player market publish data gener market intellig make determin contract chang supplier won hold true regard laps downward price initi quarterli price negoti price report agenc publish refer price spot longer term sale quarterli weekli basi price close reflect result individu negoti appli major contract ici lor weekli market overview report individu negoti experienc market player due high concentr merchant market limit number particip identifi individu parti contract ici lor report year passag publish quot major german produc agre price eur increas eur mt major german consum contract repres larg volum involv tradit price settler quot quot addit support regist week contract price agre initi week german produc benelux med consum eur fd quot quot new late todai agreement germani major player price decreas eur mt eur fd quot quot german produc offer eur mt decreas custom late fridai fail respond favour quot market particip declar inform easili interpret reveal parti contract question light type inform public market particip activ competitor price trend transpar ethylen market note tacit coordin laps competit player requir entir transpar contract detail order monitor group gener price trend tacit pattern compet price cut data publish ici suffici parti argu ici price report system quot abus quot parti coordin price strategi contract partner consid longer reflect market condit simpli disappear element transpar vast major contract refer ici price conclud long term chang price refer end contract lifetim contract chang ici refer gener foreseen contract case ici publish refer price longer case price longer consid credibl suffici mean retali player dispos parti argu credibl effici mean retali entiti dispos deter entiti deviat price market share pattern due long term natur contractu relat ethylen market opportun retali infrequ signific delai deviat parti attempt retali aggress price leav retali costli low margin contract long term make measur disproportion harm relat gain deter deviat rival cost retali disproport increas high transport cost occur retali involv target custom locat commiss take view combin entiti suffici mean retali deter entiti deviat parallel behaviour regard tacit alloc contract laps downward price initi quarterli negoti detail price negoti inform openli publish ici cmai high transpar price contract activ competitor market parti close monitor parti initi increas price gener monitor duopolist behaviour criteria set recit entiti dispos suffici access volum compet custom addit capac arg shell privileg access import arg area import termin addit shell shift capac parti import ethylen produc bp prefer access produc import termin offer swap agreement antwerp area product site locat eastern end arg addit bp plan increas capac erdölchemi cracker long term natur contractu agreement suppli ethylen suffici room reaction respons deviat parallel trend larg number contract run market overlap term expir consecut date addit contract volum involv market particip perman contract termin negoti leader aggress attack retali deviat parallel behaviour gener point necess sophist retali mechan analys take incent abil deviat behaviour pattern account retali mechan suffici plausibl effect counterbal exist degre probabl incent deviat market situat individu case present case parti argument relat long term natur contract appli possibl deviat possibl retali occur frequenc possibl deviat suffici frequent effect addit parti view market interact slow infrequ compar market possibl deviat place underpin probabl stabil market share pattern appli cost argument parti view retali costli cost deviat win contract deviat coordin pattern place high reduc likelihood action true light market share pattern base continu proxim entiti deviat pattern deviat entiti bid contract hand competitor long time prefer competit abil suppli deviat invest consider bid contract favour suppli posit decreas incent retali regard quarterli negoti basic contract price long term contract stage chang supplier attempt win contract due entiti strong influenc publish price set mechan retali form agreement public lower quarterli contract price result signific pressur parti follow trend custom refer lower price agre parti custom bp veba influenc arg compani deter factor vi vi shell dea due abil block essenti decis arg bp veba posit harm shell dea competit posit shell activ user arg pipelin dea consid potenti user expiri contract cpo hand shell control import termin link arg shell dea react deviat bp veba restrict access termin block actual handl incom bp load impact bp veba posit market conclus varieti retali mean futur duopolist dispos separ combin suffici monitor support penalis deviat tacit parallel behaviour entiti high barrier entri limit possibl import control facil import counterbal entiti market posit import amount peak approxim consumpt due unschedul cracker downtim account total captiv merchant demand larg proport import relat arg produc consum import materi product site arg captiv exxon bp boreali ethylen import arg pipelin pass import termin locat north sea coast econom viabl mean transport feed consum link arg pipelin import termin own ethylen produc shell basf exxon atofina fao dow independ termin storag provid offer capac parti exist capac small proport made parti major termin capac owner import total volum import individu termin terminal parti spare capac termin owner primarili reserv swap termin owner exchang agreement termin owner owner termin case capac bottleneck acquir turn termin case spare capac handl incom import volum due agreement capac parti reduc addit storag facil import termin signific extent storag owner product cracker nearbi proport store import materi indic storag capac expand parallel product capac increas result decreas trend capac parti import indic termin capac significantli increas forese futur addit consider cost larg scale termin estim eur million environment regul restrict build addit capac coast ethylen consum vertic integr upstream ethylen posit offer product swap basi agreement termin owner posit secur demand ethylen import long term basi consum terminal contract contractu practic reason enter long term suppli contract practic problem aris order berth ship ship vet contractu term appear common terminal contract link exist durat suppli agreement termin owner volum termin made ratio volum directli suppli termin owner addit contract partli provid right termin owner ethylen purchas oblig negoti termin owner direct suppli termin type consum conclud terminal agreement make import case case basi spot volum agreement major ethylen consum import signific volum ethylen long term basi arg import consid buffer addit spot volum altern cover larg proport basic demand addit bottleneck situat term avail termin capac terminal transport cost signific obstacl import transport cost estim eur european sourc eur sourc middl east whilst parti transport cost partli compens lower purchas price ethylen suppli region low feedstock product cost case addit cost incur transport import port onward ship cost terminal fee approxim eur ad consum locat close import termin transport cost arg pipelin account reach eur longest transport publish arg throughput tariff parti numer ethylen consum includ import purchas merchant market qualifi cost prohibit consid import econom viabl altern remain consum agre smaller spot volum import econom larger scale conclud import put suffici competit pressur entiti market entri build capac expect signific degre ethylen product capac utilis rate estim western europ higher arg area signific volum exercis competit pressur market deriv capac stream futur absorb increas captiv merchant market case arg area due extrem high invest cost estim eur million econom viabl kt ethylen cracker build cracker arg pipelin complet entrant market exist supplier highli parti agre larg scale entri expect forese futur parti submit constant capac increas debottleneck exist plant exercis signific pressur market parti larg proport capac extens commit captiv medium long term effect constrain exist supplier market power time lag ethylen capac expans increas deriv product gener point debottleneck exist plant increas number exist supplier market provid independ forc merchant market accept parti ethylen suppli reli long term contract volum market limit period time downstream consumpt respect supplier increas consid competit constraint regard usual long term suppli relat import forese increas exist capac addit kt dow terneuzen facil schedul end commiss market investig volum intend captiv dow downstream deriv capac expect limit number project driven enlarg captiv demand respect undertak case project net buyer capac increas integr produc captiv consumpt project addit relat smaller volum huge major volum medium term perspect captiv sold merchant market envisag capac increas counter joint domin merg entiti project integr produc increas ethylen demand propylen oxid styren monom plant rotterdam bayer oper joint ventur lyondel expect stream half remain volum increas capac absorb downstream ethylen product site suitabl significantli alter competit situat market short medium term suffici countervail bui power number net ethylen purchas connect arg pipelin demand lead net buyer solvai boreali basel celanes lvm account total merchant market joint purchas agreement limit cpo negoti ethylen suppli celanes clariant basel degussa handl vestolit sasol requir degussa arrang ceas cpo respect agreement result divest member hoechst group econom suppli secur time cpo contract custom half cpo demand basel todai ethylen cracker procur remain demand econom term parent background cpo express expect continu exist present form expiri suppli contract dea veba parti submit ethylen consum signific flexibl demand ethylen supplier forc sell volum market due limit storag capac ethylen pressur high utilis rate result high invest cost ethylen custom resist price increas lower volum fulfil deriv contract stock put ethylen produc signific pressur sell product store consum situat counterbal entiti power ethylen cracker arg run extrem high utilis rate ethylen produc situat suffer low capac utilis exist level price avoid signific loss addit consum ethylen share interest high utilis rate ethylen process facil minimis averag unit cost ethylen produc deriv produc confirm plant design run capac utilis higher order profit consum enjoi greater flexibl ethylen produc respect ethylen produc fact enjoi flexibl output maintain high utilis rate import mean flexibl reduc short term react reduct demand option buffer demand movement time swap cracker product due schedul unschedul mainten work supplier agre suppli custom cracker downtim product back stage year usual long term contract limit decreas contract volum gener rang approxim variat volum purchas relat initi agre contract figur whilst contract provid hardship claus adjust except situat potenti ethylen custom respond joint price rais strategi entiti threaten reduc demand limit allegedli greater difficulti store ethylen deriv produc ethylen custom creat suffici demand flexibl argument base assumpt ethylen consum lower product demand ethylen fulfil suppli oblig deriv custom stock element contradict assumpt gener keep stock larger degre oper purpos buffer movement deriv demand costli uneconom deriv produc invest huge addit storag capac order react attempt rais price occurr time unknown ethylen produc viabl econom option deriv produc counterbal attempt rais quarterli contract price negoti contract work month stock usual stock ethylen deriv produc maximum dai higher stock volum requir resist price rise point negoti long term contract run year deriv produc anticip ethylen produc start attempt increas price hand stock oper purpos buffer unexpect product demand movement attempt rais price occur point time deriv produc stock low due unexpect demand increas unschedul product downtim situat abil lower ethylen demand deriv product limit conclud incent possibl last reduct demand limit suitabl counterbal attempt increas price conclus collect domin conclud propos concentr result creation collect domin posit entiti shell dea bp market suppli ethylen arg pipelin network commit novemb parti case case bp offer commit remov competit concern commiss identifi statement object octob commit summaris assess point full text commit parti set annex commit offer shell dea shell dea commit make access shell termin facil moerdijk netherland ethyleen pijpleid maatschappij bv epm pipelin moerdijk lillo antwerp user total aggreg ethylen volum thousand metric tonn annum term access made outlin attach model ethylen terminal agreement access made januari decemb fair discriminatori term exist prospect competitor custom ethylen arg prefer competitor custom termin connect arg pipelin commit offer bp bp undertak divest bp veba oel sharehold arg equiti vote interest attach sharehold suitabl independ purchas approv commiss interim period sharehold arg divest parti undertak exercis block minor regard decis requir special major parti undertak vote sharehold arg accord unanim decis sharehold regard decis requir special major long continu hold control interest degussa parti undertak bp vote right attach bp veba oel sharehold accord unanim decis sharehold relat decis requir special major bp undertak guarante ethylen custom ethylen deliv arg pipelin gelsenkirchen made custom plant event suppli contract termin effect guarante made sourc custom decid purchas ethylen period option exercis custom renew period assess major competit concern identifi commiss elimin independ ethylen supplier merchant market lead collect domin posit entiti underli infrastructur arg area import termin pipelin kei factor concern respect access influenc infrastructur strongli enhanc market power entiti infrastructur decis factor competit interact present market ethylen degre depend strongli open access infrastructur mean commit provid guarante open essenti infrastructur open shell import termin parti import volum kt annual strongli enhanc avail ethylen arg market competit independ sourc parti identifi access import termin long term basi consider amount competit price major obstacl import due fact light extrem high invest cost entri complet supplier market highli forese futur import sourc addit independ ethylen suppli arg market volum cover commit size suitabl consider constrain entiti competit potenti kt equal annual capac smaller size cracker oper dea volum contract import equal instal independ ethylen product site arg repres increas current parti import term access propos shell discriminatori long term access termin competit price give prefer termin owner termin owner dispos import facil high probabl volum import parti interest import long term basi suffici volum ethylen saudi arabian sourc divestitur import termin parti theori complet elimin control shell dea infrastructur facil viabl option termin workabl inter link storag facil ethylen tank integr cracker facil oper larg proport termin storag unforese rate fluctuat cracker output demand open discriminatori access termin guarante buyer activ ethylen ethylen deriv busi interest relat termin light high cost termin signific market intellig relat ethylen econom oper termin highli independ buyer found influenc bp veba core arg pipelin sharehold block right oper compani element restrict open access infrastructur enhanc parti market power addit sharehold restrict competit potenti sharehold supplier divestitur sharehold combin bp elimin decis influenc group arg compani divestitur bp veba longer hold prefer block right posit reduc sharehold addit entri sharehold arg compani broaden interest repres sharehold compani guarante common carrier charact arg prefer supplier custom interest interim undertak offer bp veba provid elimin bp veto regard essenti decis reduc bp posit normal sharehold divest procedur complet immedi remov substant concern relat bp veba combin sharehold arg compani commit remov concern result sharehold degussa belong group part present transact elimin bp veba strong foothold infrastructur strengthen element market power reconstitut arg common carrier major effect consider improv competit situat arg area counterbal entiti market posit enhanc competit exist supplier arg open access pipelin competit cost exist supplier activ compet custom arg area increas custom choic supplier remov abil entiti share custom criteria set equal import competit potenti shell commit open import infrastructur fulli effect ensur addit volum obtain independ sourc transport econom locat arg eastern end bp veba commit provid access arg suppli ethylen custom locat site rhine ruhr area remov remain bottleneck infrastructur control bp veba elimin possibl bp veba remain protect competit constraint origin altern arg supplier regard custom bp veba longer cut custom arg denial access proprietari pipelin link custom arg competit equal ground buyer remov instrument facilit tacit market share entiti arg connect pipelin control futur duopolist entiti cut ethylen consum competit suppli arg conclus conclud commit offer parti assess combin remov major base market power suffici competit constraint counterbal entiti market posit ii depriv possibl refrain compet activ market iii elimin possibl tacit market share basi conclud collect domin posit creat market ethylen arg network competit concern express statement object resolv part toluen relev product market toluen call aromat chemic alongsid benzen xylen extract reform naphtha pyrolysi gasolin pyga toluen liquid product toluen di isocyan tdi turn manufactur polyurethan varieti good foam coat waterproof cloth nylon product solvent chemic pharmaceut industri paint greas toluen convert aromat benzen xylen final due octan enhanc qualiti toluen blend gasolin toluen content applic toluen produc varieti grade puriti market denomin typic puriti grade common quot tdi grade quot toluen high puriti requir product tdi lower level quot industri quot quot dsm grade quot name major custom set specif quot nitrat grade quot nylon product solvent gasolin blend term quot tdi grade toluen quot toluen suitabl puriti product tdi statement object commiss reach preliminari conclus tdi grade toluen form distinct product market parti strongli disput find basi argument submit tdi grade fix specif custom differ specif small proport tdi grade toluen sold custom high puriti third parti product sold custom switch lower qualiti parti high suppli side substitut produc lower grade upgrad equip product tdi grade toluen moder invest fact produc repli commiss econom feasibl result fact small exist premium payabl respect tdi grade toluen compar lower grade parti calcul small price premium requir order recoveri cost requir upgrad toluen product facil tdi grade product price quotat organis publish spot price tdi grade toluen contract price publish indic separ market exist tdi grade toluen parti argu extrem high degre correl price grade publish spot price show period price premium tdi grade reflect market realiti spot market tdi grade illiquid small volum trade market parti sale price show tdi produc pai custom tdi grade toluen inter alia due higher volum packag purchas argument brought forward parti commiss investig market compris grade toluen larg volum tdi grade toluen appear sold produc solvent high puriti switch lower grade produc due limit price differ econom produc store grade toluen dea instanc produc tdi grade toluen shell godorf plant sell larg proport product custom tdi produc produc sell product solvent produc high qualiti requir produc sell tdi grade toluen lower grade indic higher qualiti due lack outlet product indic limit price premium higher grade toluen parti sale price show tdi produc pai custom high qualiti indispens due appar low volum trade spot market publish price period price premium fact limit signific hand high correl price grade toluen observ parti estim cost upgrad toluen product facil higher grade puriti eur million appear moder relev suppli side substitut increas price tdi grade toluen rise left open separ market tdi grade toluen toluen form singl product market compris grade puriti tdi grade toluen defin toluen suitabl product tdi appear puriti higher suffici product tdi supplier produc toluen puriti consid competit concern aris narrow market tdi grade toluen toluen market left open lower grade toluen form product market grade form distinct product market dea produc tdi grade overlap parti activ tdi grade toluen relev geograph market parti submit relev geograph market toluen western europ eea switzerland toluen trade activ area liquid readili transport ship rail road transport cost account sale price maximum ship transport southern europ iberian peninsula product site north european custom act barrier trade area produc locat iberian peninsula sell import part product northern europ light conclud relev geograph market western europ parti export toluen produc destin western europ left open geograph market wider western europ competit assess current structur market toluen suitabl tdi product parti bp atofina exxon petrog enichem aral aromat activ market atofina exxon produc tdi grade toluen enichem year tdi grade toluen captiv activ merchant market divestitur tdi product unit parti aral aromat part group januari subsidiari redestillationsgemeinschaft gmbh volum sold aral aromat obtain market share calcul sale data base year figur enichem consid competitor merchant market reflect actual futur market situat market share figur base year volum suppli recent divest tdi plant similarli aral aromat consid independ competitor merchant market accord actual situat basi parti combin share dea shell strong competitor exxon petrog bp enichem atofina aral aromat toluen market parti combin share lower addit supplier cepsa huntsman activ market parti subject competit strong supplier toluen larg part enichem volum larg proport bp volum commit custom long term basi volum medium term constrain parti posit market regard market tdi grade toluen absenc supplier motiv lack suffici price premium higher grade toluen attempt increas price tdi grade toluen attract potenti supplier result price premium make upgrad current low grade product facil econom final toluen gasolin blend flexibl requir toluen proport convers aromat rise price tdi grade toluen ultim attract volum applic switch sale toluen merchant market fact larg proport tdi grade toluen sold tdi produc volum market high qualiti oversuppli tdi grade toluen regard demand produc requir high qualiti addit major tdi produc western europ lyondel bayer basf dow bsi due bui power balanc parti market posit regard parti support fact tdi produc obtain lower toluen price tdi custom qualiti product conclud transact give rise competit concern market toluen suitabl tdi product toluen market compris qualiti toluen vii condit oblig chapter concern commit offer parti ethylen recit pursuant sentenc subparagraph articl merger regul commiss attach decis condit oblig intend ensur undertak concern compli commit enter vi vi commiss view render concentr compat common market achiev measur rise structur chang market condit implement step achiev result gener oblig parti condit fulfil commiss decis declar concentr compat common market longer stand undertak concern commit breach oblig commiss revok clearanc decis act pursuant articl merger regul parti subject fine period penalti payment accord articl merger regul view forego decis condit full complianc shell commit grant access termin parti provid paragraph commit annex commit order remedi collect domin shell dea bp ethylen market arg provid competit market term termin set paragraph annex draft terminal agreement oblig shell aim implement structur chang market viii conclus reason set subject full complianc commit parti conclud propos concentr creat strengthen domin posit result effect competit significantli imped common market substanti part concentr declar compat common market pursuant articl merger regul eea agreement pursuant articl thereof subject complianc commit set annex adopt decis articl notifi oper deutsch shell gmbh acquir sole control mean articl merger regul undertak dea mineraloel ag declar compat common market eea agreement articl articl subject complianc condit set paragraph annex articl articl subject complianc oblig set paragraph annex agreement relat term access sea termin articl decis address deutsch shell gmbh suhrenkamp hamburg rwe aktiengesellschaft opernplatz essen brussel decemb commiss mario monti member commiss oj correct version oj oj oj oj repres text omit confidenti oj turnov calcul accord articl merger regul commiss notic calcul turnov oj extent figur includ turnov period januari calcul basi averag ecu exchang rate translat eur basi case comp totalfina elf oj comp bp erdölchemi iv nesté statoil iv union carbid enichem case comp totalfina elf iv nesté statoil iv union carbid enichem case repsol chimica boreali commiss left open relev market local wider area question iberian peninsula ethylen pipelin geograph scope ethylen market left open comp bp erdölchemi case iv nesté statoil dea limit degre activ downstream ethylen deriv product earli entir product arg merchant market dea downstream activ locat arg heid brunsbüttel suppli arg case comp shell basf jv project nicol case iv exxon mobil pipelin own ruhr oel gmbh rog joint ventur veba venezuelan oil compani pdvsa own exxon fao jv atofina exxon basf dow case comp dow chemic union carbid oj pp case comp bp chemic solvai hdpe jv publish contract price quarter parti obtain discount figur port author rotterdam build pipelin link rotterdam arg basi shell moerdijk pipelin articl quot invest pipelin quot acn cmr ecn port rotterdam supplement septemb pp differ commiss find statement object regard player market market share relat appar interpret relat term quot tdi grade toluen quot toluen supplier initi activ quot tdi grade toluen quot investig reveal sell toluen tdi produc tdi product past toluen produc todai puriti suit tdi produc redestillationsgemeinschaft joint ventur thyssen kruppstahl rag ag ebv ag rüttger ag salzgitt ag hüttenwerk krupp mannesmann gmbh commiss notic remedi accept council regul eec commiss regul ec oj annex full english text commit refer articl consult commiss websit http europa eu int comm competit index en html